Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Grant Agreement
Purpose: The project will consist of constructing a 4-story structure with twenty-seven (27) residential units and an approximately 1,048 square foot Caf? and 1,084 square foot Art Gallery and Performance Space along with a communal workshop located in the basement
Entity Name: Newark Community Economic Development Corporation
Entity Address: 111 Mulberry Street, Market Street, Suite LL, Newark, New Jersey 07102
Grant Amount: $1,500,000.00
Funding Source: City of Newark Redevelopment Area Bond (PSE&G Project Series 2018)
Total Project Cost: $8,498,000.00
City Contribution: $1,500,000.00
Other Funding Source/Amount: Section 108 Loan, CDBG Funds, Developer Fee/$4,351,028.00
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)
505-509 Clinton Avenue/Block 3000/Lot 21/South Ward
Additional Information:
body
WHEREAS, Newark Community Economic Development Corporation, a New Jersey nonprofit corporation (the "Redeveloper") intends to construct a mixed use project known as the "Nina Simone House" upon real property located at 505-509 Clinton Avenue, Newark, New Jersey, and identified on the official tax map of the City as Block 3000, Lot 21 (the "Property") consisting of a 4-story structure with twenty seven (27) rental residential units (all of which shall be deed-restricted for use and occupancy ...
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