Title
Dept./ Agency: Economic and Housing Development
Action: ( ) 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 under the Aspire Tax Credit Program to the New Jersey Economic Development Authority.
Entity Name: SUW K Urban Renewal, LLC
Entity Address: 20 West 47th Street, New York, New York 10036
Grant Amount: $0.00
Total Project Cost: $0.00
City Contribution: $0.00
Other Funding Source/Amount: Traditional debt financing and equity funding
Grant Period: Ten (10) years tax credit period, from the project completion date
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
430-436 Market Street/Block 176/Lot 1/East Ward
Additional Information:
body
WHEREAS, SUW K Urban Renewal LLC (the "Developer") proposes to construct a new 13-story mixed-use building consisting of 225 affordable housing residential rental units to be rented to tenants at 50% Area Median Income ("AMI") or less and 2,120 square feet of retail/commercial space on the Property located at 430-436 Market Street, Block 176, Lot 1, in the City of Newark, New Jersey (the "Project"); and
WHEREAS, the Project will help create full-time construction jobs and permanent building service jobs and property management positions; and
WHEREAS, the Project will fully comply with the City of Newark's Inclusionary Zoning Ordinance, and will include twenty (20%) percent of the units being set aside for on-site affordable housing units; and
WHEREAS, in connection with the financing of the Project, the Developer is applying to the New Jersey Economic Development Authority (the "NJEDA") for tax credits ...
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