Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Grant Agreement
Purpose: To grant financial assistance for post construction costs and expenses, not limited to working capital and any construction cost overruns for the build out of 3,381 square feet of commercial space in a newly built mixed-use building.
Entity Name: Urban City Foods, LLC
Entity Address: 1212 Springfield Avenue, Irvington, New Jersey 07111
Grant Amount: $300,000.00
Funding Source: Community and Economic Development Dedicated Trust Fund
Total Project Cost: $1,279,750.00
City Contribution: $300,000.00
Other Funding Source/Amount: New Jersey Community Capital (NJCC): $523,800.00; Invest Newark: $405,950.00; Other: $50,000.00
Grant Period: Commencing upon full execution of the Grant Agreement and expiring within twenty-four (24) months of construction commencement
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)
915 Broad Street, Block 93, Lot 29 /Central Ward
Additional Information:
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WHEREAS, the Municipal Council previously adopted Resolution 7Rdo(AS) on June 15, 2005, designating the entire City as an "area in need of rehabilitation" under the Local Redevelopment and Housing Law, N.J.S.A. 40A: 12A-1, et seq. ("LRHL"); and
WHEREAS, the Entity desires to build out 3,381 square feet of commercial space in a newly built mixed-use development located at 915 Broad Street, Block 93, Lot 29 in the Central Ward of the City of Newark (the "Project"); 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-8(f) of the LRHL aut...
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