Dept./ Agency: Economic and Housing Development Action: (X) Ratifying (X) Authorizing ( ) Amending Type of Service: Resolution of Support Purpose: To provide Municipal Council support, for the submission of an application, for tax credits sought by Developer, under the NJ Aspire Tax Credit Program to the New Jersey Economic Development Authority Entity Name: 69 Sherman Avenue Urban Renewal Co, LLC Entity Address: 27 Austin Street, Newark, New Jersey 07114 Total Project Cost: $38,046,212.00 City Contribution: $0.00 Other Funding Source/Amount: Traditional debt financing and equity funding Grant Period: Ten (10) years - Tax Credit Period, from project completion date 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 69-81 Sherman Avenue/Block 2803/Lot 20.01/South Ward Additional Information:

Committee

Economic and Housing Development

Introduced

May 14, 2026

On agenda

June 17, 2026

Passed

June 17, 2026

Where it was heard

Municipal Council Jun 17, 2026 Adopt Pass

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