Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Grant Agreement
Purpose: To grant financial assistance for the renovation of a three story six-unit residential apartment building located at 550-552 South 18th Street, Block 335, Lot 52 in the West Ward Redevelopment area.
Entity Name: Hamlett Management, LLC
Entity Address: 454 Morris Avenue, Springfield, New Jersey 07081
Grant Amount: $150,000.00
Funding Source: Community and Economic Development Dedicated Trust Fund
Total Project Cost: $802,222.00
City Contribution: $0.00
Other Funding Source/Amount:
Finance of America Commercial - $487,200.00
Other - $165,022.00
Grant Period: Commencing upon full execution of the Grant Agreement and expiring within twenty-four (24) months of construction commencement
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)
550-552 South 18th Street/Block 335/Lot 52/West Ward
Additional Information:
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WHEREAS, the Municipal Council previously adopted Resolution 7Rdo(AS) on June 15, 2005, designating the entire City as an "area in need of rehabilitation" under the Local Redevelopment and Housing Law, N.J.S.A. 40A: 12A-1, et seq. ("LRHL"); and
WHEREAS, the Municipal Council thereafter adopted Ordinance 6S&Fc(S) on August 17, 2005, adopting the Second Amendment to the West Ward Redevelopment Plan (together with all amendments the "Redevelopment Plan") governing the redevelopment of City-owned properties located within the West Ward, which includes the above referenced properties; and
WHEREAS, on July 11, 2018, the Municipal Council adopted Resolution 7R2-f, authorizing the City of Newark (the "City") to enter into a R...
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