25-0099
Dept/ Agency: Economic Housing and Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Purpose: Authorizing Local Board Application Project Information: RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY APPROVING THE SUBMISSION OF AN APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 40A:12A-67(g) AND N.J.S.A. 40A:12A-29(a) IN CONNECTION WITH THE ISSUANCE OF REDEVELOPMENT AREA BONDS (NON-RECOURSE TO THE FULL FAITH AND CREDIT OF THE CITY) TO BE SECURED BY PILOT PAYMENTS FROM THE REDEVELOPMENT PROJECT THAT INVOLVES THE CONSTRUCTION OF EIGHTY-ONE (81) RESIDENTIAL UNITS, WHICH SHALL BE COMPRISED OF SIXTY-FIVE (65) MARKET RATE RESIDENTIAL RENTAL UNITS, AND SIXTEEN (16) AFFORDABLE HOUSING RENTAL UNITS, 3,974 SQUARE FEET OF RETAIL SPACE, AND SIGNIFICANT BELOW GRADE AND ABOVE GRADE INFRASTRUCTURE IMPROVEMENTS LOCATED ON PROPERTY KNOWN AS 20-24 BRANFORD PLACE, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY’S TAX MAP AS BLOCK 57, LOT 161 (CENTRAL WARD) (THE “20 BRANFORD URBAN RENEWAL LLC PROJECT”) Additional Information:
- Committee
- Economic and Housing Development
- Introduced
- January 17, 2025
- On agenda
- February 5, 2025
- Passed
- February 5, 2025