Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval
of proposed issuance of Redevelopment Area Bonds
Name of Project(s): Rector Street Redevelopment Project
Amount to be Financed: $5,000,000.00
Funding Source: Redevelopment Area Bonds -New Jersey Economic Development Authority
Local Finance Board meeting date(s):
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
Project involves the substantial rehabilitation of an existing 12-story structure (the former Science High Building) located at 36-54 Rector Street, Newark, New Jersey, into a multi-story high rise residential tower containing approximately 169 rental units with ground floor retail space. (Block 17, Lot 26, Central Ward)
Additional Information:
Entity Name and Address: 36-54 Rector Urban Renewal, LLC, 120 Albany Street, New Brunswick, New Jersey 08901
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the “City”) desires to enter into a Financial Agreement (the “Financial Agreement”) with 36-54 Rector Urban Renewal, LLC, 120 Albany Street, New Brunswick, New Jersey 08901 (the “Owner URE”) under the provisions of the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. (the “Tax Exemption Law”), and the Redevelopment Area Bond Financing Law, N.J.S.A. 40A:12A-64 et seq. (the “Redevelopment Bond Law”), in support of a redevelopment project to be undertaken by the Owner URE on property identified as Block 17, Lot 26 on the Official Tax Map of the City of Newark, commonly known as 36-54 Rector Street (the “Property”) consisting generally of the substantial renovation of an existing 12-story structure into a twenty-three (23) story high rise residential tower containing approximately 169 rental apartments with approximately 7,640 square feet of ground floor...
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