Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution of Support
Purpose: To provide support for the submission of an application for tax credits sought by Developer from the New Jersey Economic Development Authority, Brownfield Redevelopment Incentive Program.
Entity Name: TRG Community Development, LLC
Entity Address: 777 West Putnam Avenue, Greenwich, Connecticut 06830
Total Project Cost: Not Applicable
City Contribution: $0.00
Other Funding Source/Amount: $0.00
Grant Period:
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale () Grant ( ) Sub-recipient (X) n/a
List of Property
(Address/Block/Lot/Ward
201-241 Livingston Street/Block 2578/Lot 1/Central Ward
Additional Information:
The application for tax credits under the Brownfield Redevelopment Incentive Program is ratified from the date of Developer's submission of the application to the date of adoption of this Resolution.
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WHEREAS, TRG Community Development, LLC ("Developer") proposes to develop a 234-unit housing project with 100 percent of the units to be designated as affordable housing ("Project"); and
WHEREAS, in connection with the financing of the Project, the Developer is applying to the New Jersey Economic Development Authority ("NJEDA") for tax credits under Brownfield Redevelopment Incentive Program ("Funds"), which was authorized by the New Jersey Economic Recovery Act of 2020 (Sections 54 through 67 of P.L. 2020, c.156 and later amended by P.L. 2021 c.160); and
WHEREAS, the Developer has presented to the Newark Municipal Council ("Municipal Council") a revenue projection, which sets forth the financing of the Project; and
WHEREAS, the Developer will be subject to NJEDA requirements; and
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