Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Redevelopment Agreement
Purpose: Redevelopment project for mixed-use development consisting of residential units, retail space, office space and parking. (Central Ward)
Entity Name: LEG 450 Broad Street, LLC.
Entity Address: 675 Third Avenue, 28th Floor, New York, New York 10017
Contract Amount: Not Applicable
Development Agreement Term: Commence on Effective Date and expires upon Issuance of a Certificate of Completion for the last Phase of the Project
City Contribution to Development Project: ( ) Grant or Loan ( ) Guarantee (X) None ( ) Other:
Developer Investment: :( )
Developer Third-Party Financing
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property:
(Address/Block/Lot/Ward)
422 Broad Street/Block 9, Lots 6 and 9, B27, Lots 1 and 3/Central
450-466 Broad Street Rear/Block 26, Lot 1/Central
5-55 Division Street/Block 26, Lot 15.01/Central
22-48 Bridge Street/Block 26, Lot 15.02/Central
18 Bridge Street Rear/Block 25.01, Lot 61/Central
Additional Information:
Deferred 7R2-d 102418
body
WHEREAS, on June 15, 2005, the Municipal Council of the City of Newark (the "Municipal Council") adopted Resolution 7Rdo (AS) to designate the entire City of Newark as an area in need of rehabilitation pursuant to the Local Redevelopment and Housing Law, N.J.S.A. 40A: 12A-1, et seq. ("LRHL"); and
WHEREAS, on January 21, 2009, the Municipal Council adopted Ordinance 6PSF-a designating the Broad Street Station District Redevelopment Plan, as amended from time to time, (the "Broad Street Redevelopment Plan"), which pr...
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