7R2-d
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2025 Annual Budget for Mt. Prospect Avenue
Neighborhood Improvement District Management Corporation (MPANID)
Purpose: Introduction of the 2025 Annual Budget for the Mt. Prospect
Avenue Neighborhood Improvement District.
Amount: $330,000.00
Budget Period: January 1, 2025 through December 31, 2025
Additional Information:
Ordinance 6S&Ff adopted on June 20, 2007 created the Mt. Prospect
Avenue Neighborhood Improvement District.
7R2-e
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, 930 McCarter Urban Renewal, LLC, Elizabeth
Development Company of New Jersey and the New Jersey Economic
Development Authority as a condition of receiving tax credits incentives
under the Aspire Program Act, N.J.S.A. 34:1B-322 et seq., towards the
construction of a new twenty-five (25) story mixed-use high-rise tower with
three hundred thirty-three (333) residential units, twenty percent (20%) of
which shall be affordable housing, 3,750 square feet of retail space on the
ground floor and
a
four (4) story structured parking garage with
approximately two hundred forty (240) parking stalls (the “Project”); located
at 930 McCarter Highway, Newark, Essex County, New Jersey 07102, also
referred to as Block 1, Lot 46.02 on the official tax records of the City of
Newark, New Jersey (the "Property")
Entity Name: 930 McCarter Urban Renewal, LLC and Elizabeth
Development Company of New Jersey
Entity Address: c/o Boraie Development, 120 Albany Street, Suite 800,
Tower One, New Brunswick, New Jersey 08901 & 205 First Street, Suite
114, Elizabeth, New Jersey 07206
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)
930 McCarter Highway/Block 1/Lot 46.02/Central Ward
Additional Information:
A Public Hearing will be held on Wednesday, March 5, 2025