Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Execute a Community Benefits Agreement
Purpose: To authorize the execution of a Community Benefits Agreement.
Entity Name: New Jersey Performing Arts Corporation
Entity Address: 1 Center Street, Newark, New Jersey 07102
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 (X) n/a
List of Property:
1-19 Center Street/Block 17/Lot 1.01/Central Ward
21-43 Center Street/Block 17/Lot 1.02/Central Ward
40-44 Center Street/Block 126.01/Lot 21.01/Central Ward (recently consolidated from Lots 9, 21, 39, 41 and 42)
Additional Information:
The Community Benefits Agreement between the City of Newark, New Jersey Performing Arts Corporation ("NJPAC") 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 single phased, transformative, mixed-use, predominantly residential redevelopment project, of 577,940 total square feet.
The residential component represents approximately (350) units comprised of 384,840 square feet. There will be 10,500 square feet of office space, 12,600 square feet of retail space, 53,000 square feet of space for an arts education and community facility and improvements to the existing 100,000 square foot facility, located at 1-19 Center Street, Block 17, Lot 1.01; 21-43 Center Street, Block 17, Lot 1.02, and 40-44 Center Street, Block 126.01, Lot 21.01 (recently consolidated from Lots 9, 21, 39, 41 and 42) in Newark, Essex County, New Jersey, 07102 (an enhanced area).
A Public Hearing will be held on Thursday, November 7, 2024 in City Hall, C...
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