Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Support Grant Application
Purpose: Support the application of Lofts @ Lincoln Park Urban Renewal, LLC (formerly known as Mid-Atlantic Investment Alliance, LLC) for CHOICE funding for the development of 24 housing units for sale to be sold at subsidized market rate (emerging market) for a project known as Lofts at Lincoln Park
Entity Name: Lofts @ Lincoln Park Urban Renewal, LLC
Entity Address: 11Florence Place, West Orange, New Jersey 07052
Grant Amount: $
Funding Source: CHOICE Funds
Total Project Cost: $
City Contribution: $900,000.00 ($600,000.00-(City Loan - Resolution 7R3-A (S) 092413), $300,000.00-City Loan - Resolution 7R2-A 051612)
Other Funding Source/Amount:
Contract Period:
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( x ) n/a
List of Property: (if applicable)
(Address/Block/Lot/Ward)
Address Block Lot Ward
31 Brunswick Street 2826 37 East Ward
33 Brunswick Street 2826 38 East Ward
27 Brunswick Street 2826 35 East Ward
90-96 Clinton Avenue 2826 3 East Ward
29 Brunswick Street 2826 36 East Ward
Additional Information:
Ordinance 6PSF-I 102913 (Grant of 15 year tax Abatement to Entity)
Resolution 7R3-K (AS) 102913 (Resolution waiving 20 day waiting period for adoption of Ordinance 6PSF-I 102913)
Resolution 7R3-A (S) 092413 (Resolution authorizing $600,000.00 Loan to Entity)
Resolution 7R3-A 050212 (First Amendment to Land Sale Agreement)
Resolution 7R2-A 051612 (Resolution authorizing $300,000.00 Loan to Entity)
Resolution 7R3-G 080112 (Resolution in support of CHOICE fund...
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