Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Grant Agreement
Purpose: To grant financial assistance for a project for the new construction of a four story residential building with 24 units on the property located at 90-96 Clinton Avenue, 23-27 Brunswick Street, Newark, New Jersey, and identified on the official tax map of the City as Block 2826, Lots 3, 35, 36, 37 and 38.
Entity Name: Lofts @ Lincoln Park Urban Renewal, LLC
Entity Address: 11Florence Place, West Orange, New Jersey 07052
Grant Amount: $600,000.00
Funding Source: Municipal Motor Vehicle Rental Tax Law
Total Project Cost: $5,190,000.00
City Contribution: N/A
Other Funding Source/Amount: N/A
Contract Period: N/A
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)
90-96 Clinton Avenue, 23-27 Brunswick Street, Newark New Jersey, and identified on the official tax map of the City as Block 2826 Lots 3, 35, 36, 37 and 38/East Ward
Additional Information:
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WHEREAS, Lofts @ Lincoln Park Urban Renewal, LLC (the "Redeveloper"), requests financial assistance to construct a mixed use project upon property located at 90-96 Clinton Avenue, 23-27 Brunswick Street, Newark, New Jersey, and identified on the official tax map of the City as Block 2826, Lots 3, 35, 36, 37 and 38 (the "Property), consisting of the new construction of a four story residential building with 24 units (collectively, the "Project"); and
WHEREAS, the Project is located within an area in need of redevelopment as defined under the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq. (the "LRHL"), and is governed by the Lincoln Park Redevelop...
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