Title
Dept/ Agency: Law
Action: (X) Ratifying (X) Authorizing ( ) Amending
Purpose: Settlement of Pre-Suit Demand for Payment of a loan awarded through a facade improvement program and execution of original loan agreement
Claimant: WAWA Realty, LLC., 557 Clinton Avenue, Newark, New Jersey, 07108
Settlement Amount: $50,000.00
Funding Source: City of Newark Budget, Department of Economic and Housing Development
Additional Comments:
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WHEREAS, the Fa?ade Improvement Program is authorized by R.O. 2:10-4 and Ordinance 6PSF-j adopted by the Municipal Council on November 22, 2010, establishing the Urban Enterprise Zone City-wide Fa?ade Improvement Program; and
WHEREAS, this ordinance specifies that if an applicant is approved, "and subject to receipt of grant funds, a loan shall be made available to an Applicant in an amount not to exceeds $50,000.00 per [p]roperty. Any expenditures detailed in the Property Improvement Plan PIP which exceeds $50,000.00, shall be the sole responsibility of the Applicant..." Ordinance 6PSF-j November 22, 2010, Section 5(A) ; and
WHEREAS, if an applicant is required to give matching funds it must provide up to 25% of its total cost (Ordinance 6PSF-j 112210, section 5(B)). When an applicant is required to provide matching funds the loan will be for a term of five (5) years secured by a mortgage on the property, and at the end of the term the principal and interest shall be forgiven in full (100%). (Ordinance 6PSF-j November 22, 2010, Section 6(A)); and
WHEREAS, on February 13, 2013, the Newark Fa?ade Improvement Program Review Committee (the "Committee") held a meeting at which it reviewed the application of WAWA Realty, LLC. (WAWA) for its property located at 557 Clinton Avenue, Newark, New Jersey 07108, Block 3002, Lots 26 and 27, which is a two-story building wherein Kings Family Restaurant & Catering, Inc. operates its restaurant on the ground floor; an...
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