Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Loan agreement and acceptance of Promissory Note
Purpose: Construction of a mixed use project known as the "One Theater Square Project", consisting of a 22 story structure with 245 rental residential units (24 of which shall be affordable to households earning 50% or less of area median income), 285 parking spaces, 10,794 sq. ft. of common area, approximately 16,391 sq. ft. of retail space and approximately 1,108 sq. ft. of retail/office space.
Entity Name: Two Center Street Urban Renewal, L.L.C.
Entity Address: c/o Dranoff Properties, Inc., 755 South Broad Street, Philadelphia, Pennsylvania 19147
Loan Amount: Amount not to exceed $11,830,000.00
Funding Source: Motor Vehicle Rental Tax Revenue Bonds, Series 2015; Community and Economic Development Dedicated Trust Fund
Loan Term: The Thirty Fifth anniversary of the date of final certificate of occupancy
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
Additional Information:
Property Address: 34-40 Park Place, Block 125, Lot 26, Central Ward
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WHEREAS, the New Jersey Economic Stimulus Act of 2009, specifically N.J.S.A. 40:48H-1 et seq. (the "Municipal Motor Vehicle Rental Tax Law") authorized certain municipalities to impose a tax on the rental of motor vehicles within designated industrial zones within such municipality (the "Rental Tax") and to use the proceeds thereof for certain eligible purposes related to redevelopment purposes, as defined in the Municipal Motor Vehicle Rental Tax Law, specifically N.J.S.A. 40:48H-2.b (the "Eligible Purposes"); and
WHEREAS, pursuant to Ordinance 6PSF-i, adopted by the Municipal Council on May 5, 2010, as amended by ...
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