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RESOLUTION OF THE NEW HAVEN BOARD OF ALDERS AUTHORIZING THE CITY OF NEW HAVEN TO APPLY FOR AND ACCEPT A GRANT FROM THE CONNECTICUT DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT IN THE AMOUNT OF $3,602,765 AND TO PARTNER WITH GDXP NHJV LLC TO SUPPORT THE REMEDIATION OF THE PROPERTY LOCATED AT STATE AND GEORGE STREETS FOR DEVELOPMENT OF A MIXED-USE PROJECT
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WHEREAS, GDXP NHJV LLC (the "Developer") is the proposed developer of the property located at State and George Streets (the "Property"); and
WHEREAS, the Developer proposes to construct a mixed-use project on the Property (the "Project"); and
WHEREAS, the City of New Haven (the "City") is the owner of the Property; and
WHEREAS, the New Haven Board of Alders has approved a form of Development and Land Disposition Agreement (the "DLDA") between the City and the Developer describing the terms for the transfer to and redevelopment of the Property by the Developer; and
WHEREAS, the Developer has conducted environmental assessment of the Property and determined that the Property requires environmental remediation, including removal of contaminated urban fill material (the "Remediation") in order to carry out the Project; and
WHEREAS, pursuant to Section 32-763 of the Connecticut General Statutes, the Connecticut Department of Economic and Community Development (the "State") is authorized to extend financial assistance for economic development projects; and
WHEREAS, it is desirable and in the public interest that the City make an application to the State for Three Million Six Hundred Two Thousand Seven Hundred Sixty Five Dollars and Zero Cents ($3,602,765.00) and to partner with GDXP NHJV LLC to undertake the Remediation, so as to support the redevelopment of the Property, and to execute an Assistance Agreement for that purpose.
NOW, THEREFORE, BE IT RESOLVED by the New Haven Board of Alders that:
1) It is cognizant of the conditions and prerequisites for State assistance imposed by Section 32-...
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