Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Grant Agreement
Purpose: : To grant financial assistance for a project consisting of one building - 21 stories, 168 residential units, over commercial space, and 117 parking spaces, on the property commonly known as 36-54 Rector Street, Newark New Jersey and identified on the official tax map of the City as Block 17, Lot 26 (Central Ward).
Entity Name: 36-54 Rector Street Urban Renewal, LLC.
Entity Address: 120 Albany Street, 8th Floor, Tower 1, New Brunswick, New Jersey 08901
Grant Amount: $2,000,000.00
Funding Source: Motor Vehicle Rental Tax Revenues
Total Project Cost: $69,800,000.00
City Contribution: $2,000,000.00
Other Funding Source/Amount: Goldman Sachs Bank USA/NJRA Loan/Developers Equity/Deferred Developer Fee/$67,800,000.00
Contract Period: Upon Municipal Council Adoption through Project Completion
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)
36-54 Rector Street/Block 17/Lot 26/ Central Ward
Additional Information:
Resolution 7R3-a(S)(AS) adopted on November 10, 2015
Resolution 7R3-hadopted on July 3, 2012
body
WHEREAS, 36-54 Rector Street Urban Renewal, LLC (the "Redeveloper"), requests additional financial assistance to construct and complete a mixed use project upon property located at 36-54 Rector Street, Newark, New Jersey (Central Ward), and identified on the official tax map of the City as Block 17, Lot 26 (the "Property"), consisting of one mixed-use building along Rector Street - 21 stories, 168 residential units, over commercial space, and 117 parking spaces (the "Project"); and
WHEREAS, the Project is located wi...
Click here for full text