Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Grant Agreement
Purpose: Amendment to Affordable Housing Agreement
authorized by Resolution 7R3-d adopted July 7, 2016
Entity Name: Bergen Street Redevelopment Urban Renewal, LLC
Entity Address: 953 Bergen Street, Newark, New Jersey 07112
Grant Amount: $1,300,000.00
Funding Source: Federal HUD HOME Funds
Contract Period: Agreement shall be for a period of Thirty (30) years from the date of adoption of this authorizing resolution by the Newark Municipal Council. HOME program funds must be expended within 48 months from the date of adoption
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)
1037-1047 Bergen Street/ Block 3661/ Lot 3, 5 and 8/ South Ward
1057-1059 Bergen Street/Block 3660/ Lot 1/South Ward and
Additional Information:
To grant financial assistance for a project consisting of two (2) mixed-use buildings along Bergen Street: Building A - five (5) stories, thirty-two (32) residential units, over commercial space, and fourteen (14) parking spaces, and Building B - consisting of four (4) stories, ten (10) residential units, and a community center on the ground floor located at 1037-1047 Bergen Street and 1057-1059 Bergen Street, Newark New Jersey and identified on the official tax map of the City as Block 3661, Lot 3, 5 and 8, and Block 3660, Lot 11.
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WHEREAS, pursuant to Resolution 7R3-d, adopted on July 7, 2016, the City of Newark, New Jersey (the "City"), approved to enter into an Affordable Housing Agreement (the "Agreement") with Bergen Street Redevelopment, LLC, a New Jersey limited liability company (the "Entity"), 9...
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