Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Federal HUD HOME Loan and Grant Funds
Purpose: A resolution authorizing the subordination of the City's liens granted by Bergen Street Redevelopment Urban Renewal, LLC to its new construction lender, DB 360 LLC, and the execution of: (i) a Consent to Assignment of City Agreements; and (ii) Subordination Agreement with the Senior Lender in connection with the construction of a mixed used project called Tucker View Apartments consisting of two (2) buildings along Bergen Street in the South Ward: Building A - five (5) stories, thirty-two (32) residential units, over commercial space, and fourteen (14) parking spaces, and Building B - consisting of four (4) stories, ten (10) residential units, and a community center on the ground floor on the property commonly known as 1037-1047 Bergen Street and 1057-1059 Bergen Street, Newark, New Jersey 07112 and identified on the Official Tax Map of the City as Block 3661, Lots 3, 5 and 8, and Block 3660, Lot 11.
Entity Name: Bergen Street Redevelopment Urban Renewal, LLC
Entity Address: 953 Bergen Street, Newark, New Jersey 07112
Grant Amount: $1,300,000.00 and $1,900,000.00
Funding Source: Federal HUD HOME Loan and Grant Funds
Contract Period: Agreement shall be for a period of thirty (30) years from the date when a Certificate of Occupancy has been issued by the City and the first low income eligible tenant occupies the Affordable Housing Units
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)
1037-1047 Bergen Street/ Block 3661/ Lot 3, 5 and 8/ South Ward
1057-1059 Bergen Street/Block 3660/ Lot 1/South Ward
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