Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: First Amendment to the Agreement for the Sale and Redevelopment of Land to BVW Holdings, LLC, to correct the Entity Name, Purchase Price, and Purpose of the Sale within the Resolution and Redevelopment Agreement.
Entity Name: BVW Holdings, LLC
Entity Address: Newark, New Jersey 07112
Sale Amount: $2,611.20
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $44,800.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months following transfer of property ownership from the City to the Redeveloper
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
(X) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
548 15th Avenue/Block 330/Lot 50/West Ward
Additional Information:
The Municipal Council adopted Resolution 7R2-a on August 19, 2020, which authorized the Redevelopment Agreement with BVW Holdings, LLC.
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WHEREAS, the City of Newark (the “City”) is authorized, pursuant to N.J.S.A. 40A:12A-8(g), to sell City-owned properties, no longer needed for public use, in conjunction with an applicable redevelopment plan, at such prices and upon such terms as it deems reasonable, for the purpose of rehabilitating the area; and
WHEREAS, on August 19, 2020, the Municipal Council adopted Resolution 7R2-a (the “Original Resolution”), which authorized the sale of the following City-owned property (the “Property”) located within the West Ward, no longer needed for public use, in accordance with the Second Amendment to the West Ward Redevelopment Plan, adopted by Ordinance 6S&Fc(S) on August 17, 2005, as amended, which governs the redevelopment of City-owned properties located within the West Ward and identified as:
|
ADDRESS |
BLOCK |
LOT |
SIZE |
SQ. FEET |
|
548 15th Avenue |
330 |
50 |
9.6X68 |
652.8 |
|
|
|
|
|
|
Total Square Feet: 652.8
Total Purchase Price: $ 2, 611.20 ($4.00 per sf); and
WHEREAS, the Original Resolution and the Agreement for the Sale and Redevelopment of Land (the “Agreement”) with BVW Holdings, LLC, 178 Wainwright Street, Newark, New Jersey 07112 (“Redeveloper”), provides for the rehabilitation of a storage unit to be utilized largely as storage by adjacent property owner and tenants; and
WHEREAS, the City of Newark has since determined that the incorrect Entity Name, Purchase Price, and Purpose of Sale was placed on and within the Resolution and Agreement; and
WHEREAS, the City wishes to amend and correct the Resolution and the Agreement as follows:
1. Entity Name corrected from BVW Holdings, LLC, c/o Jeffrey Wilson to BVW Holdings, LLC;
2. Purchase Price from $2,611.02 to $2,611.20; and
3. Scope of Project from rehabilitation for owner-occupied housing to rehabilitation of storage unit to be utilized largely as storage by adjacent property owner and tenants.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Agreement for the Sale and Redevelopment of Land and the authorizing Resolution 7R2-a, adopted on August 19, 2020, are hereby amended as follows:
a. Entity Name from BVW Holdings, LLC, c/o Jeffrey Wilson to BVW Holdings, LLC;
b. Purchase Price from $2,611.02 to $2,611.20; and
c. Scope of Project from rehabilitate the property for owner-occupied housing to rehabilitate a storage unit to be utilized largely as storage by adjacent property owner and tenants.
2. The Mayor of the City of Newark and/or his designee, the Deputy Mayor/Director of the Department of Economic and Housing Development are hereby authorized to enter into and execute the First Amendment to the Agreement for the Sale and Redevelopment of Land (the “First Amendment”), attached hereto with BVW Holdings, LLC, 178 Wainwright Street, Newark, New Jersey 07112 (the “Redeveloper”), for the private sale and redevelopment of the following property for the following purchase price, in accordance with the requirements of N.J.S.A. 40A:12A-8(g), the terms and conditions of the attached First Amendment and the West Ward Redevelopment Plan:
|
ADDRESS |
BLOCK |
LOT |
SIZE |
SQ. FEET |
|
548 15th Avenue |
330 |
50 |
9.6X68 |
652.8 |
|
|
|
|
|
|
Total Square Feet: 652.8
Total Purchase Price: $ 2, 611.20 ($4.00 per sf).
3. Said Property shall be sold to Redeveloper, by private sale for the purpose of rehabilitating a storage unit to be utilized largely as storage by adjacent property owner and tenants.
4. The Municipal Council hereby ratifies the First Amendment with Redeveloper, from August 19, 2020, to the date of adoption of this authorizing Resolution.
5. All other terms and conditions of the Agreement shall remain the same.
6. All other parts of Resolution 7R2-a, adopted on August 19, 2020, shall remain the same.
7. The Redeveloper shall have thirty (30) days from the date of this Resolution is certified by the Office of the City Clerk to execute the attached First Amendment and return same to the Department of Economic and Housing Development. Should the Redeveloper fail to execute and return the attached First Amendment within this thirty (30) day time period, the authorization provided by this Resolution shall be null and void, unless the Deputy Mayor/Director of the Department of Economic and Housing Development agrees in writing to extend this thirty (30) day time period.
8. The Deputy Mayor/Director of the Department of Economic and Housing Development shall place a copy of the executed First Amendment, the Quitclaim Deed, and all such other executed agreements authorized by this Resolution on file in the Office of the City Clerk.
9. The development of the Property shall commence within three (3) months and be completed within eighteen (18) months from the transfer of ownership of the Property by the City to the Redeveloper.
10. The Deputy Mayor/Director of the Department of Economic and Housing Development is hereby authorized to execute a Quitclaim Deed to the Redeveloper for the Property. Said Quitclaim Deed conveying title to the Property to the Redeveloper shall be approved as to form and legality by the City’s Corporation Counsel and attested to and acknowledged by the City Clerk.
STATEMENT
This Resolution authorizes an amendment to Resolution 7R2-a, adopted on August 19, 2020, to amend the Entity Name, Purchase Price and Purpose of Sale within the Original Resolution and Redevelopment Agreement for the Sale and Redevelopment of Land with BVW Holdings, LLC, 178 Wainwright Street, Newark, New Jersey 07112. The balance of the Original Resolution and the Agreement shall remain the same.