Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Application to the Local Finance Board
Purpose: Financial Agreement to be entered into with 810 Broad Street Urban Renewal Company, LLC., (the "Hotel URE)
Entity Name: City of Newark and 810 Broad Street Urban Renewal Company, LLC., (the "Hotel URE)
Entity Address: 810 Broad Street, Newark, NJ 07102
Grant Amount: $4,688,284.00
Funding Source: New Jersey Economic Development Authority of certain "Redevelopment Area Bonds"
Total Project Cost: $4,688,284.00
City Contribution: $4,688,284.00
Other Funding Source/Amount: Not provided
Contract Period: Shall take effect immediately.
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale (X) Grant ( ) Sub-recipient ( ) n/a
Additional Information: 8a. (s) 121410