25-0421
Dept./ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Executive Community Benefits Agreement Purpose: To authorize the execution of a Community Benefits Agreement between the City of Newark, Fulton Street Newark, LLC, 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 multi-family housing project, consisting of three hundred and ninety-six (396) residential units, of which three hundred sixteen (316) are market rate residential rental units (the “Market Rate Units”), of which eighty (80) are affordable rental units, of which five (5) transitional housing units shall be restricted to tenants at 30% of the Area Median Income (“AMI”), which include two (2) two-bedroom apartments and three (3) one-bedroom apartments, forty-seven (47) units shall be restricted to tenants at 50% of the AMI, which include nineteen (19) studio apartments, twenty-two (22) one-bedroom apartments, and six (6) two-bedroom apartments, and twenty-eight (28) units shall be restricted to tenants at 80% of the AMI, which include fourteen (14) studio apartments, thirteen (13) one-bedroom apartments, and one (1) two-bedroom apartment (the “Income Restricted Units”), 4,726 square feet of ground floor commercial space (the “Retail”), and a 107-car parking garage, (collectively, the “Project”), located in the Central Ward on real property commonly known as 16-32 Fulton Street, Newark, New Jersey and identified on the City’s tax map as Block 14, Lot 43 (formerly known as Block 43, 44, 45, 46, 47, 48, 49, 50, and 51) (the “Property”) Entity Name: Fulton Street Newark, LLC Entity Address: 50 Park Place, 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 ( ) N/A List of Property: (Address/Block/Lot/Ward) 16-23 Fulton Street/block 14/Lot 43/Central Ward (formerly known as Block 43, 44, 45, 46, 47, 48, 49, 50, and 51) Additional Information: A Public Hearing will be held on Wednesday, April 2, 2025
What this record is
- Held by
- Fulton Street Newark, LLC
- 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
- March 19, 2025
- On agenda
- April 2, 2025
- Passed
- April 2, 2025
Where it was heard
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