Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution of Support
Purpose: To provide support for the submission of an application for tax credits sought by the Redeveloper from the New Jersey Economic Development Authority, Brownfields Redevelopment Incentive Program.
Entity Name: International Federal of Chaplains, Inc. d/b/a International Federation of Chaplains, Inc.
Entity Address: 825-827 Clinton Avenue, Newark, New Jersey 07108
Total Project Cost: Not Applicable
City Contribution: $0.00
Other Funding Source/Amount:
Grant Period:
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
861-869 Clinton Avenue/Block 3016/Lot 25/South Ward
Additional Information:
body
WHEREAS, International Federal of Chaplains, Inc., d/b/a International Federation of Chaplains, Inc. (the "Developer") proposes to develop a forty-four (44) unit affordable assisted living residence for senior citizens located at 861-869 Clinton Avenue, Block 3016, Lot 25 (the "Project"); and
WHEREAS, in connection with the financing of the Project, the Developer is applying to the New Jersey Economic Development Authority ("NJEDA") for tax credits under Brownfields Redevelopment Incentive Program ("Funds"), which was authorized by the New Jersey Economic Recovery Act of 202 (Sections 54 through 67 of P.L. 2020, c. 156 and later amended by P.L. 2021, c. 160); and
WHEREAS, the Developer has presented to the Municipal Council a revenue projection, which sets forth the financing of the Project; and
WHEREAS, the Developer will be subject to NJEDA requirements and all documents executed between Developer and the Brownfields Redevelopment Incen...
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