25-0277
Dept/ Agency: Economic and Housing Development 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
What this record is
- Runs until
- Not stated in the agenda text — the term is normally in the signed agreement, attached to the original item ↗
- Type
- amendment
- Field
- Construction
construction contracts in NJ that end within a year →
Governments publish the end date in the award. That date is when the
work goes back out to bid, and it is usually stated years ahead.
Read automatically from the title of the official record. The source document below is authoritative.
- Committee
- Economic and Housing Development
- Introduced
- February 20, 2025
- On agenda
- March 5, 2025
- Passed
- March 5, 2025
Where it was heard
Municipal Council Municipal CouncilWatch what Newark buys
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