Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Grant Agreement
Purpose: To rehabilitate/construct a 4 1/2 story vacant structure with 23 residential units for very low income households for Veterans and Special Needs
Entity Name: Fairmount S. 10th Street Apartments LLC
Entity Address: 73 Washington Street, Suite 100, Bloomfield, New Jersey 07003-2414
Grant Amount: $1,000,000.00
Funding Source: City of Newark Redevelopment Area Bond (PSE&G Project Series 2018)
Total Project Cost: $6,576,883.00
City Contribution: $1,000,000.00
Other Funding Source/Amount: NJHMFA, HUD McKinney-Vento, Essex County HOME/Developer Equity/$5,226,883.00
Contract Period: Shall commence on the date of execution and delivery of the Grant Agreement by the Entity and the City of Newark, and expire upon the City's issuance of a Certificate of Completion for the project as provided in the Grant Agreement.
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)
101 South 9th Street and 128-134 South 10th Street/Block 1827/Lots 12 and 70/West Ward
Additional Information:
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WHEREAS, Fairmount S. 10th Street Apartments LLC, 73 Washington Street, Suite 100, Bloomfield, New Jersey 07003-2414, a New Jersey Limited Liability Company (the "Redeveloper") intends to rehabilitate/construct a project known as the "Fairmount South 10th Street Apartments" upon real property located at 101 S. 9th Street and 128-134 S. 10th Street, Newark, New Jersey and identified on the official tax map of the City as Block 1827, Lots 12 and 70 (the "Properties) consisting of a 4 1/2-story vacant structure with twenty-three (23) rental residential units,...
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