Title
Dept./Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Grant Agreement
Purpose: To provide for a Grant Agreement with Thomas Street Urban Renewal, LLC.
Entity Name: Thomas Street Urban Renewal, LLC
Entity Address: 300 Wilson Avenue, Newark, New Jersey 07105
Additional Grant Amount: Not to exceed $300,000.00
Funding Source: Community and Economic Development Dedicated Trust Fund
Total Project Cost: $12,927,471.30
City Contribution: $300,000.00
Other Funding Source/Amount: HOME Program Funds/Private Lenders
Grant Period: Construction has commenced and shall be completed within twenty-four (24) months following 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
(Address/Block/Lot/Ward)
184-194 Thomas Street/Block 1164, Lot 11/East Ward
Additional Information:
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WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq., as amended and supplemented (the "Act"), authorizes municipalities to participate in the redevelopment and improvement of areas that are in need of redevelopment or rehabilitation; and
WHEREAS, in order to stimulate the reinvigoration of the City, by Resolution 7Rdo(AS) adopted on June 15, 2005, the entire City was designated as an area in need of rehabilitation pursuant to the Act; and
WHEREAS, by Ordinance 6S+Fe(s), on September 21, 2005, the Municipal Council adopted a First Amendment to the East Ward Redevelopment Plan (together with all amendments, the "Redevelopment Plan"), which provides for the redevelopment of certain City-owned parcels within the East Ward of the City; and
WHEREAS, Thomas Street Urban Renewal LLC, 300 Wilson Avenue, Newark, New Jersey 07105 (the "Redeveloper"), plans to construct ...
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