Resolution of the City of Jersey City, N.J.

LEGISLATIVE FACT SHEETThis summary sheet is to be attached to any ordinance, resolution, cooperationagreement, or contract that is submitted for Council consideration. Incomplete or sketchysummarY sheets will be returned with the resolution or ordinance. The Department,Division or Agency responsible for the overall implementation of the proposed project orprogram should provide a concise and accurate statement of facts.FULL TITLE OF ORDINANCE I RESOLUTION I COOPERATION AGREEMENT:RESOLUTION OF THE MUNICIPAL COUNCIL OF THE CITY OF JERSEYCITY AUTHORIZING ACCEPTANCE AND EXECUTION OF A GRANTAGREEMENT FROM THE U.S. DEPARTMENT OF HOUSING AND URBANDEVELOPMENT FOR BROWNFIELDS ECONOMIC DEVELOPMENTINITIATIVE FUNDS FOR THE TRAMZ HOTEL AT LIBERTY HARBOR NORTHAND AUTHORIZING A CONTRACT WITH STATUE OF LIBERTY HARBORNORTH REDEVELOPMENT UR LLCNAME AND TITLE OF PERSON INITIATING THE RESOLUTION:Darice Toon, Director, Division of Community Development - 201-547-5304DESCRIPTION OF THE PROGRAM, PROJECT, PLAN, PURCHASE, ETC.:Development of a 300 plus room Class A, full-service hotel with the Hilton brand.ANTICIPATED COMMUNITY BENEFITS OR ASSESSMENT OF DEPARTMENTALNEED:Job creation opportunities.COSTS OF PROGRAM ORPURCHASE: (IF EQUIPMENT PURCHASE, WHAT DOESIT REPLACE. HOW WILL THE PROGRAM OR PURCHASE BE FUNDED?):$88,000,000.00 (Development Costs)$22,000,000.00 (Furniture and Fixtures)$8,000,000.00 (Sec. 108 Loan)$1,900,000.00 (BEDI)IF CONTRACT, PROJECT OR PLAN DATE OF COMMENCEMENT:OCTOBER 2009ANTICIPATED COMPLETION DATE:~SL~I CERTIFY THE FACTS PRESENTED HEREIN ARE ACCURATE., Vl;i31D(DATE!¿) -¿ 3 _o¿-DATE