7R2-d (s)
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service:
Motor Vehicle Bond Allocation Grant Funds/Private
Sale/Redevelopment
Purpose: Authorizing the waiver of certain defaults, extension of time for
substantial completion of the Project and the execution of a: (i) Second
Amendment to the Amended and Restated Grant Agreement with Bergen
Street Redevelopment Urban Renewal, LLC; and (ii) Third Amendment to
Redevelopment Agreement with Redeveloper, 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, 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 and identified on the
Official Tax Map of the City of Newark, 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: $1,900,000.00
Sale Amount: $70,988.20
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other :
Assessed Amount: $896,400.00
Funding Source: Motor Vehicle Tax Revenue Bonds, Series 2015
Contract Period: From Project completion date to January 31, 2025
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)
1057-1059 Bergen Street/Block 3660/Lot 11/South
1037-1047 Bergen Street/Block 3661/Lot 3, 5 and 8/South
Additional Information: