Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Grant Agreement
Purpose: To provide grant funding for fit out and building costs for the ShopRite Supermarket consisting of approximately 67,000 square feet.
Entity Name: Newark Shoprite, LLC.
Entity Address: 1409 Broad Street, Bloomfield, New Jersey 07003
Grant Amount: $2,000,000.00
Funding Source: Community and Economic Development Dedicated Trust Fund
Total Project Cost: $13,098,000.00
City Contribution: $2,000,000.00
Other Funding Source/Amount: $0.00
Contract Period: October 17, 2013 through October 14, 2017
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)
206 Springfield Avenue/Block 236/Lot 1.05
Additional Information:
Entity is a Sub-lessee at 206 Springfield Avenue, Newark, New Jersey 07103 (ShopRite)
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WHEREAS, the City of Newark (the "City"), desires to enter into a Grant Agreement (the "Agreement"), with ShopRite Newark, LLC, a New Jersey limited liability company (the "Entity"), having its principal place of business at 1409 Broad Street, Bloomfield, New Jersey 07003 (each the City and Grantee individually a "Party", and collectively, the "Parties"); and
WHEREAS, the Entity is the Sub-lessee of certain parcel of real property shown on the Official Tax Map of the City of Newark as Block 236, Lot 1.05 (the "Property"); and
WHEREAS, the Property 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 University Heights Redevelopment Plan, as amended (the "Redevelopment...
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