Title
Dept./Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Grant Agreement
Purpose: To provide for a Grant and Grant Agreement with Kawaida Towers JV Partners, LLC in the amount of $8,000,000.00
Entity Name: Kawaida Towers JV Partners, LLC
Entity Address: 8 Lombardy Street, Suite 320, Newark, New Jersey 07102
Grant Amount: $8,000,000.00
Funding Source: Community Project Funding Grant
Total Project Cost: $23,046,833.00
Other Funding Source/Amount:
Grant Period:
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:
(Address/Block/Lot/Ward)
17-21 Halsey Street/Block 20/Lot 1/Central Ward
Additional Information:
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WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., as amended and supplemented (the "Redevelopment Law"), authorizes municipalities to participate in the redevelopment and improvement of areas that are in need of redevelopment or rehabilitation; and
WHEREAS, in order to stimulate the reinvigoration of the City, by Resolution 7Rdo(AS) adopted on June 15, 2005, the entire City was designated as an area in need of rehabilitation pursuant to the Redevelopment Law; and
WHEREAS, on January 21, 2009, pursuant to Ordinance 6PSF-g, the Municipal Council of the City adopted the Broad Street Station Redevelopment Plan ("Redevelopment Plan"); and
WHEREAS, the Redeveloper desires to construct a mixed use complex on real property located at 17-21 Halsey Street, within the Central Ward of the City, and identified on the Official Tax Map of the City of Newark, as Block 20, Lot 1 (collectively, the "Property") consisting of approximately a 10-story building with 31 units of residential housing, of which all 31 units shall...
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