Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To amend Resolution 7R2-j(AS) adopted on August 19, 2020, to change the name of the redeveloper and authorizing the First Amended and Restated Agreement for the Sale and Redevelopment of Land with Thomas Street Urban Renewal, LLC.
Entity Name: Thomas Street Urban Renewal, LLC
Entity Address: 300 Wilson Avenue, Newark, New Jersey 07105
Sale Amount: $ 12,599.16
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $24,000.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) months following transfer of property ownership from the City
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)
184 Thomas Street/Block 1164/Lot 10/East Ward
body
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 Newark Municipal Council adopted Resolution 7R2-j (AS) (the “Original Resolution”), which authorized the sale of the following City-owned properties (“Properties”) located within the East Ward, no longer needed for public use, in accordance with the East Ward Redevelopment Plan, as amended, which governs the redevelopment of city-owned properties located within the East Ward and identified as:
|
ADDRESS |
BLOCK |
LOT |
SIZE |
SQ. FEET |
|
184 Thomas Street |
1164 |
10 |
28.3X74.2 |
2,099.86 |
Total Square Feet: 2,099.86
Total Purchase Price: $ 12,599.16 ($6.00 per sf); and
WHEREAS, the Original Resolution and the Agreement for the Sale and Redevelopment of Land (the “Agreement”) with JEFFDOWNING, LLC, provides for the development of a forty (40) unit apartment building; and
WHEREAS, JEFFDOWNING, LLC changed its corporate name to Thomas Street Urban Renewal, LLC; and
WHEREAS, the City desires to amend the name of the redevelopment entity, from JEFFDOWNING, LLC to Thomas Street Urban Renewal, LLC as set forth in Resolution 7R2-j (AS,) adopted on August 19, 2020, which approved the sale of all of the Properties listed in said Resolution.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. Resolution 7R2-j (AS), adopted on August 19, 2020 (“Original Resolution”), is hereby amended to change the entity name of the redeveloper within the Original Resolution and the Agreement for the Sale and Redevelopment of Land (“Agreement”) from JEFFDOWNING, LLC to Thomas Street Urban Renewal, LLC, 300 Wilson Avenue, Newark, New Jersey 07105.
2. The Mayor and/or his designee and the Deputy Mayor/Director of the Department of Economic and Housing Development are hereby authorized to execute the First Amended and Restated Agreement for the Sale and Redevelopment of Land (“Agreement”), attached hereto, with Thomas Street Urban Renewal, LLC, 300 Wilson Avenue, Newark, New Jersey 07105 (“Redeveloper”), for the private sale and redevelopment of the following properties (the “Properties”) 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 to the Agreement for the Sale and Redevelopment of Land, and the East Ward Redevelopment Plan:
|
ADDRESS |
BLOCK |
LOT |
SIZE |
SQ. FEET |
|
184 Thomas Street |
1164 |
10 |
28.3X74.2 |
2,099.86 |
Total Square Feet: 2,099.86
Total Purchase Price: $ 12,599.16 ($6.00 per sf).
3. The Newark Municipal Council hereby ratifies the Agreement with Thomas Street Urban Renewal, LLC, from August 19, 2020, to the date of adoption of this authorizing Resolution.
4. All other parts of Resolution 7R2-j (AS), adopted on August 19, 2020, shall remain the same to the extent not otherwise amended through this resolution.
5. The Redeveloper shall have thirty (30) days from the date this Resolution is certified by the Office of the City Clerk to execute the attached Agreement and return same to the Department of Economic and Housing Development. Should the Redeveloper fail to execute and return the attached Agreement 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.
6. The Deputy Mayor/Director of the Department of Economic and Housing Development shall place a copy of the executed Agreement and all such other executed agreements authorized by this Resolution on file in the Office of the City Clerk.
7. The development of the Properties shall commence within three (3) months and be completed within twenty-four (24) months from the transfer of ownership of the Properties by the City to the Redeveloper.
STATEMENT
This Resolution ratifies and authorizes an amendment to Resolution 7R2-j (AS), adopted on August 19, 2020 (“Original Resolution”), to amend the entity name within the Original Resolution and the Agreement for the Sale and Redevelopment of Land (“Agreement”) from JEFFDOWNING, LLC to Thomas Street Urban Renewal, LLC, 300 Wilson Avenue, Newark, New Jersey 07105 and further authorizes the Deputy Mayor/Director of the Department of Economic and Housing and Development to enter into a First Amended and Restated Agreement for the Sale and Redevelopment of Land with Thomas Street Urban Renewal, LLC.