Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Grant Agreement
Purpose: To grant financial assistance for a project consisting of seventeen (17) residential units located within the South Ward Redevelopment Plan and identified on the Official Tax Map of the City as Block 3004, Lot 30.
Entity Name: Essex Property Management Group, LLC.
Entity Address: 59 East Runyon Street, Newark, New Jersey 07114
Grant Amount: $150,000.00
Funding Source: Redevelopment Community Trust Account
Total Project Cost: $1,334,140.00
City Contribution: $150,000.00
Other Funding Source/Amount: $0.00
Contract Period: The term of this Agreement shall be for a period of two (2) years from the execution of the Grant Agreement.
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale (X) Grant ( ) Sub-recipient ( ) n/a
(Address/Block/Lot/Ward)
611-613 Clinton Avenue/Block 3004/Lot 30/South Ward
Additional Information:
Resolution 7RCS(as) adopted on April 16, 1986
Resolution 7R3-d(as) adopted on August 5, 2015
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WHEREAS, on August 5, 2015, the Municipal Council of the City of Newark (" Municipal Council") adopted Resolution 7R3-d(as) authorizing the conveyance of certain abandoned property and City-owned property, including the real property located at 611-613 Clinton Avenue (Block 3004, Lot 30) in the City of Newark, New Jersey, to Essex Property Management Group, LLC having its address at 59 East Runyon Street, Newark, New Jersey 07114 (the "Entity"), for the purpose of redevelopment pursuant to the terms and conditions of the Redevelopment Agreement attached therein; and
WHEREAS, the Project is located within an area in need of redevelopment as defined under the Local Redevelopment and Housing Law, N.J.S.A. 40...
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