Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Resolution Endorsing RAB Bond application for Two Center Street Urban Renewal, L.L.C. project at 34-40 Park Place, Newark, New Jersey 07102.
Purpose: Two Center Street Urban Renewal, L.L.C. application to the Local Finance Board and the New Jersey Economic Development Authority
Additional Information:
34-40 Park Place/ Block 125/ Lot 26/ Central Ward
body
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 Two Center Street Urban Renewal, LLC ("Two Center Street 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 Two Center Street URE consisting generally of the acquisition of a ground lease interest in certain land and the construction of a twenty-two (22) story mixed-use rental residential and retail project, which will include approximately 10,000 square feet of common area, approximately 14,918 square feet of retail space, and approximately 244 residential units consisting of studio, 1-bedroom, 2-bedroom and 3-bedroom units (twenty-four (24) of these residential units to be reserved for use and occupancy by households earning 50% or less of the area median gross household income), together with approximately 543 parking spaces (which will be located in a structure above the retail space), and also including green building features, landscaping and other site amenities (the "Project"), within a designated "area in need of redevelopment" located within the City; and
WHEREAS, Two Center Street URE has previously filed with the City its application for a long-term ta...
Click here for full text