Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Redevelopment Grant Agreement
Purpose: Rehabilitation to 767 South Orange Avenue, Newark, New Jersey 07106
Entity Name: Babyland Family Services, Inc.
Entity Address: 755 South Orange Avenue, Newark, New Jersey 07106
Grant Amount: $150,000.00
Funding Source: Strategic Housing Redevelopment Project Enhancement Program - West Ward Interest Accrual Allotment
Total Project Cost: $150,000.00
City Contribution: $ 150,000.00
Other Funding Source/Amount:
Contract Period: 24 months upon Notice to Proceed
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)
767 South Orange Avenue/ Block 4207/ Lot 13/ West Ward
Additional Information:
Sponsor, Ronald C. Rice, West Ward CouncilMember
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WHEREAS, under Ordinance 6S&FH 050504, the Newark Housing Authority (“authority”) raised $200,420,000.00 through the issuance of bonds (“Bonds Proceeds”) backed by the capitalization of the revenue stream of Marine Terminal Additional Rent (“Additional Rent”) under the 19th Supplemental Lease Agreement between the City and the Port Authority for the lease of the City’s marine and air terminals and together with the other available accrued annual payments from the Additional Rent (“Accrued Annual Payments”); and
WHEREAS, the Municipal Council under Ordinance 6S&FH 050504 authorized the use of such Bond Proceeds and Accrued Annual Payments to fund the development and construction activities in the Downtown Core District Redevelopment Area (under the Newark Downtown Core District Redevelopment Plan and Amendment to the Newark Plaza Urban Renewal Plan ...
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