Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Amendment to Affordable Housing Agreement
authorized by Resolution 7R3-d adopted on July 7, 2016
Purpose: A Resolution authorizing the extension of time for completion of the Project and the execution of a First Amendment to the Amended and Restated Deed Restrictive Affordable Housing Agreement with Bergen Street Redevelopment Urban Renewal, LLC.
Entity Name: Bergen Street Redevelopment Urban Renewal, LLC
Entity Address: 953 Bergen Street, Newark, New Jersey 07112
Grant Amount: $1,300,000.00
Funding Source: Federal HUD HOME Loan
Contract Period: 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
1057-1059 Bergen Street/Block 3660/Lot 11/South
Additional Information:
To grant financial assistance for a Project consisting of two (2) mixed-use buildings along Bergen Street: 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 located at 1037-1047 Bergen Street and 1057-1059 Bergen Street, Newark New Jersey 07112 and identified on the Official Tax Map of the City of Newark, as Block 3661, Lot 3, 5 and 8, and Block 3660, Lot 11. (South Ward)
body
WHEREAS, pursuant to Resolution 7R3-d, adopted on July 7, 2016, the City of Newark (the "City"), approved of the City's...
Click here for full text