Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Grant Agreement
Purpose: To provide grant financial assistance for a Redevelopment Project to be built as part of the "Build Newark" Initiative Redevelopment Plan
Entity Name: Ascension Capital Partners I, LLC
Entity Address: 59 Lincoln Park, Suite 200, Newark, New Jersey 07102
Grant Amount: $160,000.00
Total Project Cost: $840,229.00
City Contribution: $160,000.00
Other Funding Source/Amount: Private Capital/$680,229.00
Grant Period: Term of eighteen (18) months commencing December 1, 2019
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)
400-402 Avon Avenue/Block 2648/Lot 51/South Ward
404 Avon Avenue/Block 2648/Lot 49/South Ward
Additional Information:
The Redevelopment Project shall consist of the construction of two (2) new three (3) family houses for a total of six (6) units to be built as part of the Redevelopment Plan known as the "Build Newark Initiative Project".
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WHEREAS, Ascension Capital Partners I LLC, a New Jersey limited liability company having its place of business located at 59 Lincoln Park, Suite 200, Newark, New Jersey 07102, desires to construct the Project on the Property as part of the Redevelopment Plan; and
WHEREAS, the Project is located within an area in need of redevelopment as defined under the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq. (the "LRHL"), and is governed by the Plan; and
WHEREAS, the Project currently has a significant funding gap that must be bridged in order to make the Project financially feasible; and
WHEREAS, N.J.S.A. 40A:12A...
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