Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Execute C-PACE Assessment Agreement, Assignment Agreement, and Notice of Assessment
Purpose: To authorize the execution of C-PACE financing documents, including a C-PACE Assessment Agreement, Assignment Agreement, and Notice of Assessment, in connection with a commercial development project located at Unit #1 of the Newark Studios Condominium, 741-811 Frelinghuysen Avenue
Entity Name: Great Point Newark Studio, LLC
Entity Address: 741-811 Frelinghuysen Avenue, Newark, New Jersey 07114
Funding Amount: Not to exceed $103,775,000.00 (C-PACE Assessment)
Funding Source: Private financing secured through C-PACE Assessment
Contract Period: Date of adoption through full repayment or discharge of C-PACE Assessment
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:
(Address/Block/Lot/Ward)
Unit #1 of the Newark Studios Condominium
741-811 Frelinghuysen Avenue/Block 3746/Lot 1.01/South Ward
Additional Information:
The City's role is limited to levying, billing, collecting, remitting, and enforcing the C-PACE Assessment in a ministerial capacity.
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WHEREAS, the City of Newark (the "City") has elected to participate in the Garden State Commercial Property Assessed Clean Energy (C-PACE) Program administered by the New Jersey Economic Development Authority pursuant to P.L. 2021, c. 201 (N.J.S.A. 34:1B-374 et seq.) (the "Act"); and
WHEREAS, the C-PACE Program authorizes municipalities to impose a voluntary local improvement assessment on eligible commercial property to secure financing for energy efficiency, renewable energy, and resiliency improvements (the "C-PACE Project"); and
WHEREAS, Great...
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