Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Grant Agreement
Purpose: To provide grant financial assistance for the construction of a three (3) family affordable home from recycled shipping materials at 393 Halsey Street.
Entity Name: Community Asset Preservation Corporation
Entity Address: 108 Church Street, New Brunswick, New Jersey 08901
Grant Amount: $150,000.00
Total Project Cost: $859,850.00
City Contribution: $150,000.00
Other Funding Source/Amount: $709,850.00
Grant Period: Commencing on the date of execution and delivery of the Grant Agreement between the Entity and the City and shall expire upon the City's issuance of a Certificate of Completion for the Project
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)
393 Halsey Street/Block 116/Lot 29/Central Ward
Additional Information:
body
WHEREAS, Community Asset Preservation Corporation, a New Jersey non-profit corporation having its place of business located at 108 Church Street, New Brunswick, New Jersey 08901, desires to construct an affordable three-family home constructed from recycled shipping containers (the "Project") on the property located at 393 Halsey Street and identified on the official tax map of the City of Newark as Block 116, Lot 29 (the "Property"); and
WHEREAS, the Project is located in an area in need of redevelopment as defined under the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq. (the "LHRL"), and is governed by Lincoln Park Redevelopment Plan; and
WHEREAS, the Project currently has a funding gap that must be bridged in order to make the Project financially feasible; and...
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