Dept./ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Rescind Resolution 7R2-d adopted on March 20, 2024 Purpose: To rescind Resolution 7R2-d adopted on March 20, 2024, determining that the Project proposed by CO Enterprises, LLC (“Entity”), meets or will meet an existing housing need within the City of Newark, enabling New Jersey Housing and Mortgage Finance Agency to process the Entity’s application for funding to finance the Project Entity Name: CO Enterprises, LLC Entity Address: 28 Valley Road, Suite 1, Montclair, New Jersey 07042 Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit) Total Project Cost: $17,582,951.00 City Contribution: TBD Other Funding Source/Amount: $0.00 List of Properties: (Address/Block/Lot/Ward) 117 Aldine Street/Block 3051/Lot 21/South Ward 119-121 Aldine Street/Block 3051/Lot 22/Additional Lot 23/South Ward 295 Lyons Avenue/Block 3051/Lot 24/South Ward 297-299 Lyons Avenue/Block 3051/Lot 25/Additional Lot 26/South Ward 301 Lyons Avenue/Block 3051/Lot 27/South Ward 303 Lyons Avenue/Block 3051/Lot 28/South Ward Additional Information: Original Resolution 7R2-d was adopted on March 20, 2024 This Resolution rescinds the Need for Housing Project for NJHMFA Funding for CO Enterprises, LLC due to a name change and amendment to the original Redevelopment Agreement.

What this record is

Held by

CO Enterprises, LLC 3 records across this site

Amount

$17.6M

Runs until

Not stated in the agenda text — the term is normally in the signed agreement, attached to the original item ↗

Type

amendment

Compared to

$280K – $1.10M the middle half of 7 other CO Enterprises, LLC contracts; median $332K — this one sits well outside that, which a longer term or wider scope will do, but is worth reading

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Read automatically from the title of the official record. The source document below is authoritative.

CO Enterprises, LLC also holds

Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing (X) Amending Type of Service: Private Sale/Redevelopment Purpose:… $332K Newark, NJ Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose:… $332K Newark, NJ

Committee

Economic and Housing Development

Introduced

April 8, 2025

On agenda

May 13, 2025

Passed

May 13, 2025

Where it was heard

Municipal Council May 13, 2025 Adopt Pass

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