Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Loan
Purpose: Resolution authorizing: (i) a First Amendment to the Deed Restrictive Affordable Housing Agreement and Redevelopment Agreement; (ii) First Amendment to Mortgage and Security Agreement; (iii) First Amendment to Note; and (iv) Partial Release with GK Preservation LLC, the Redeveloper and collectively, the Project Amendment Documents, of 1865 Palmer Avenue, Suite 203, Larchmont, New York, New York 10538, to release Block 1808, Lot 1.02, from the Mortgage.
Entity Name: GK Preservation, LLC
Entity Address: 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538
Funding Source: Federal HOME Program Funds
Contract Period: Funds must be expended within forty-eight (48) months from the date of adoption
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)
250 Georgia King Village/Block 1808, Lot 1.01/West Ward
Additional Information:
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WHEREAS, the Municipal Council (the "City"), by Resolution 7R2-j(AS) adopted on August 8, 2018, authorized the City's entering into of a Deed Restrictive Affordable Housing Agreement (the "Agreement") with GK Preservation LLC (the "Redeveloper"), 1868 Palmer Avenue, Suite 203, Larchmont, New York, New York 10538; and
WHEREAS, the Redeveloper intends to renovate and improve the Georgia King Village Apartments located at 200 and 250 Georgia King Village, 4-70 Littleton Avenue, 352-374 West Market Street and 17-49 Bergen Street, Newark, New Jersey 07107, and identified on the Official Tax Map of the City of Newark, as Block 1808, Lot 1, Block 1832, Lot 1, Block 1833, Lots 1, 60 and 65 and Block 1834, Lot 55 (the "Property"), ...
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