Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Grant Agreement
Purpose: To grant financial assistance for a project consisting of two buildings along Bergen Street: Building A - 8 stories, 56 residential units, over commercial space, and fourteen (14) parking spaces, and Building B - consisting of four stories, 10 residential units, and a community center on the ground floor
Entity Name: Bergen Street Redevelopment, LLC
Entity Address: 953 Bergen Street, Newark, New Jersey 07112
Grant Amount: $1,900,000.00
Funding Source: Motor Vehicle Tax Revenue Bonds, Series 2015
Total Project Cost: $22,505,418.00
City Contribution: N/A
Other Funding Source/Amount: N/A
Contract Period: Start and end dates
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( X ) Grant ( ) Sub-recipient ( ) n/a
List of Property: (if applicable)
(Address/Block/Lot/Ward)
1037-1047 Bergen Street and 1057-1059 Bergen Street, Newark New Jersey and identified on the official tax map of the City as Block 3660, Lots 3, 5 and 8, and Block 3661, Lot 11/South Ward.
Additional Information:
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WHEREAS, Bergen Street Redevelopment, LLC (the "Redeveloper"), requests financial assistance to construct a mixed used project upon property located at 1037-1047 Bergen Street and 1057-1059 Bergen Street, Newark New Jersey, and identified on the official tax map of the City as Block 3660, Lots 3, 5 and 8, and Block 3661, Lot 11 (the "Property"), consisting of two buildings along Bergen Street: Building A - 8 stories, 56 residential units, over commercial space, and fourteen (14) parking spaces, and Building B - consisting of four stories, 10 residential units, and a community center on the ground floor (collectively, ...
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