7R2-o
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Execute Community Benefits Agreement.
Purpose: To authorize the execution of a community benefits agreement
between the City of Newark, Terrell Redevelopment Partners Urban
Renewal, LP (“Applicant” and “URE”), Chapel Street Aspire LLC
(Co-Applicant) and the New Jersey Economic Development Authority as
a condition of the Applicant and Co-applicant receiving aspire incentives
under the Aspire Program Act, N.J.S.A. 34:1B-322, et seq., towards the
construction of a new five story building consisting of sixty-nine (69) units
of which sixty-eight (68) are affordable, age-restricted rental units, of
which 13% will be restricted to 30% Area Median Income (“AMI”), 37%
will be restricted to 50% AMI, 50% will be restricted to 60% AMI, and one
(1) non-age restricted, non-income restricted superintendent’s unit
located at the Property (the "Project") located at 91-97 Chapel Street
(formerly 59-97 Chapel Street), Newark, New Jersey, also referred to as
Block 2442, Lot 1.02 on the official tax records of the City of Newark, New
Jersey after being perfected by the recording of the minor subdivision
deed on April 12, 2022 (the "Property") (East Ward).
Entity Name: Terrell Redevelopment Partners Urban Renewal, LP
Entity Address: 8 One Parker Plaza, Fort Lee, New Jersey 07024
Funding Source: Aspire Program Act, N.J.S.A. 34:1B-322 et seq.
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
91-97 Chapel Street (formerly 59-97 Chapel Street), Newark, New
Jersey, also referred to as Block 2442, Lot 1.02 on the official tax records
of the City of Newark, New Jersey after being perfected by the recording
of the minor subdivision deed on April 12, 2022 (the "Property") (East
Ward)
Additional Information:
A Public Hearing will be held on Wednesday, December 18, 2024
in City Hall, Council Chamber at 6:30 P.M.
Public Hearing opened. Comments were made by Donna Jackson,Tanisha
Gardner and Cassandra Dock.
A motion was made by the Council of the Whole to Adopt. The motion was
adopted by the following votes:
6 -
Yes:
Patrick O. Council, Luis A. Quintana, Anibal Ramos Jr., Louise
Scott-Rountree, Michael J. Silva, and C. Lawrence Crump
2 - Carlos M. Gonzalez, and Dupré L. Kelly
Absent: