Title
Dept./Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Grant Agreement
Purpose: To provide for a Grant Agreement with Jarid Jamar Construction Company, Inc.
Entity Name: Jarid Jamar Construction Company, Inc.
Entity Address: West Orange, New Jersey 07052
Additional Grant Amount: $110,000.00
Funding Source: Community and Economic Development Dedicated Trust Fund
Total Project Cost: $685,000.00
City Contribution: $110,000.00
Other Funding Source/Amount: RNMZ, LLC and Renovo Financial
Grant Period: Upon construction commencing and completed within twenty-four (24) months
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:
(Address/Block/Lot/Ward)
286-288 South 11th Street/Block 1796/Lot 66/West Ward
Additional Information:
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WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq., as amended and supplemented (the "Act"), authorizes municipalities to participate in the redevelopment and improvement of areas that are in need of redevelopment or rehabilitation; and
WHEREAS, in order to stimulate the reinvigoration of the City, of Newark (the "City") by Resolution 7Rdo(AS) adopted on June 15, 2005, the entire City was designated as an area in need of rehabilitation pursuant to the Act; and
WHEREAS, by Ordinance 6S+Fc(S), adopted on August 17, 2005, the Municipal Council adopted an Amendment to the West Ward Redevelopment Plan (together with all amendments, the "Redevelopment Plan"), which provides for the redevelopment of certain City-owned parcels within the West Ward of the City; and
WHEREAS, the Entity desires to develop the real property located at 286-288 South 11th Street (Block 1796, Lot 66) (West Ward) (the "Pro...
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