The Roads Around “The Rock”

Newark Downtown Core Redevelopment Corporation (NDCRC) to Complete Road Construction by Newark Arena Opening

October 18, 2007 (Newark, NJ) – While the Devils continue to work feverishly to complete the construction of the Prudential Center in time for Bon Jovi in late October, a little known but important redevelopment agency has also been sweating out the deadline. The Newark Downtown Core Redevelopment Corporation (NDCRC), a City and Newark Housing Authority created redevelopment agency with a mission to redevelop the core of Downtown Newark, has been laboring to complete vital roadwork by the Arena construction deadline.

The City of Newark invested a $34 million capital grant in the NDCRC to complete critical Prudential Arena related public improvements and to spur the redevelopment of the Downtown Core Redevelopment area. Funding for the project was delayed so that the Administration could complete its due diligence on a raft of bond projects that were legacies of the prior James Administration. Once Mayor Booker came out in support of the Arena, the race to complete the public infrastructure projects became critical to preparing for the Arena opening and the thousands of vehicles that will descend on downtown Newark.

The capital grant funds the completion of a three-year road improvement project, known as the “Circulation Project,” which includes the widening of Mulberry Street on the North to Lafayette and Green Streets on the South and the straightening of Lafayette Street traversing along an East/West line from Broad Street to Route 21.

“These exciting and necessary public infrastructure improvements are vital not only to supporting the newly constructed arena, but critically important to the long-term redevelopment of the heart of Newark’s Downtown,” said Bill Crawley, CEO, NDCRC. “It has been challenging, but the whole Arena project has been one series of challenges. If it were easy, it wouldn’t be any fun.”

Adding to the motivation of getting the project done on time was the looming possibility of litigation if the Lafayette street work was not completed on time. The Newark Housing Authority, as parent to the NDCRC and public party to a redevelopment agreement with the Devils, was especially concerned with making sure the project was a success as it would face up to $2 million in liquidated damages if the roadwork was not completed on time.

“I had confidence in Bill Crawley and his crack team of professionals to complete this important project on time,” said Newark Mayor Cory Booker. Bo Kemp, Business Administrator, City of Newark added: “We knew that working collectively we would get the job done, not only for our City, but for New Jersey and the New York metropolitan region.”

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About the Circulation Project

The Circulation Project consists of the widening of Mulberry Street from Market Street on the North to Lafayette and Green Streets on the South and the straightening of Lafayette Street traversing along an East/West line from Broad Street to Route 21.

This most challenging project requires the NDCRC and its parent agency the Newark Housing Authority, to acquire a number of properties that are located along the streets that must be widened or straightened.

The Circulation project was originally funded by a State of New Jersey Department of Transportation Grant that originated over two years ago but ran out of funds at the end of 2006, hence the need for the City to provide funding to complete the road work.

The Circulation Project landed at NDCRC via a circuitous route, with its first phases overseen by the Essex County Improvement Authority, then the City of Newark Engineering Department and now finally the NDCRC.

Newark Circulation Project funds will cover the cost property acquisitions, design, construction and other soft costs. The project budget is $11,809,549, for the realignment and repaving of Lafayette Street from McCarter Highway to Broad Street and the realignment, widening and repaving of Mulberry Street from Market Street to Green Street, and including utility work, right of way acquisitions and construction.

About NDCRC

On February 2, 2005, the Newark Housing Authority (NHA) formed a separate, private non-profit company, the Newark Downtown Core Redevelopment Corporation with a mission to direct, manage, facilitate, develop, and oversee the redevelopment of the downtown core.

NDCRC is lead by a Board of Trustees including Board Chairman Dr. Robert Altenkirch, President NJIT, Dr. Zachary Yamba, President Essex County College, Karen McLane Torian, Chief Asset Development and Preservation Officer at the Newark Housing Authority, Honorable Carlos M. Gon≠zalez, Councilman-At-Large Newark Municipal Council, Honorable Augusto Amadore, Councilman East Ward Newark Municipal Council and Mr. Bo Kemp, Former Business Administrator, City of Newark. William Crawley has served as Chief Executive Officer since October of 2006.

Contact:

Rich Ecke

973-479-9253

Deborah Hurley

201-709-4296