Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment/Transfer and Assignment
Purpose: Assignment of Redevelopment rights from Springfield Avenue Market Place, LLC current owner of 66-80 South Orange Avenue, Block 235, Lots 1-10, 53, 54, and 56 (Central Ward) to Prince Orange South Holdings, LLC, c/o Snipes Companies, LLC, 395 Franklin Street, Bloomfield, New Jersey 07003 for the purpose of developing a new project of approximately Sixty (60) residential rental apartments along with associated parking.
Entity Name: Prince Orange South Holding, LLC, c/o Snipes Companies, LLC
Entity Address: 395 Franklin Street, Bloomfield, New Jersey 07003
Sale Amount: $N/A
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $N/A
Appraised Amount: $ N/A
Contract Period: Start and end dates
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( X ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
66-80 South Orange Avenue/Block 235, Lot 1 (merged lots 1-10, 53, 54 and 56)/ Central Ward
Additional Information:
Resolution No. 7RDE(AS) 100604; land sale agreement for development of Springfield Market Place
Resolution No. 7RCR(AS) 031605; revised provisions to land sale agreement
Resolution No. 7R3-A(S3) 102108; amendment to transfer of redevelopment rights
Redevelopment rights to 66-80 South Orange Avenue, Block 235, Lots 1-10, 53, 54, and 56 are currently held by Springfield Avenue Marketplace, LLC; however Springfield Avenue Marketplace seeks to assign redevelopment rights to Prince Orange South Holdings, LLC. In 2008, Springfield Avenue Marketplace, LLC was permitted by the Municipal Council to assign its redevelopment rights to TDAF I Springfield Avenue Holding, LLC for commercial and retail development in accordance with its Redevelopment Agreement with the City.
body
WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq. (the “LRHL”), authorizes municipalities to participate in the redevelopment and improvement of areas in need of redevelopment; and
WHEREAS, on October 6, 2004, the Municipal Council approved Resolution 7RDE(AS) authorizing the City to sell Blocks 236, 237, and 238; and Block 235, Lots 1-10, 53, 54, and 56 to Springfield Avenue Marketplace, LLC (“2004 Agreement”); and
WHEREAS, during the period following authorization of the October 6, 2004 Resolution 7RDE(AS), it was deemed prudent to amend the 2004 Agreement to consider additional issues, such as, but not limited to, environmental, financing, scheduling, and extensions; and
WHEREAS, on March 16, 2005, the Municipal Council approved Resolution 7RCR(AS) authorizing the City to execute an agreement entitled “Agreement For The Sale Of Land And Redevelopment Of Springfield Marketplace” (the “2005 Agreement”) pursuant to LRHL regarding the following properties: Blocks 236, 237, and 238; and Block 235, Lots 1-10, 53, 54, and 56; and
WHEREAS, on April 6, 2005, the 2005 Agreement was fully executed by the City of Newark and Springfield Avenue Marketplace, LLC pursuant to LRHL regarding the following properties: Blocks 236, 237, and 238; and Block 235, Lots 1-10, 53, 54, and 56; and
WHEREAS, on October 21, 2008, pursuant to Section 1201 of the 2005 Agreement, the Municipal Council approved Resolution 7R3-A(S3) authorizing the assignment and transfer of redevelopment rights for Blocks 236, 237, and 238 from Springfield Avenue Marketplace, LLC to TDAF I Springfield Avenue Holding, LLC; and
WHEREAS, Springfield Avenue Marketplace, LLC retained the rights and responsibilities for the redevelopment of Block 235, Lots 1-10, 53, 54, and 56, commonly known as 66-80 South Orange Avenue (the “Property”); and
WHEREAS, Springfield Avenue Marketplace, LLC desires to transfer and assign the redevelopment rights of the property to Prince Orange South Holdings, LLC, c/o Snipes Companies, LLC, 395 Franklin Street, Bloomfield, New Jersey 07003 (“Redeveloper”) in accordance with Section 1201 of the 2005 Agreement, which permits assignments prior to the issuance of a Certificate of Occupancy with the written consent of the City of Newark; and
WHEREAS, the City desires to allow the transfer and assignment of redevelopment rights of the property from Springfield Avenue Marketplace, LLC to Redeveloper for the purpose of the development of approximately Sixty (60) residential rental apartments along with associated parking (the “Proposed Project”) Redeveloper in accordance with Section 1201 of the 2005 Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The City approves of transfer and the assignment of redevelopment rights from Springfield Avenue Marketplace, LLC to Prince Orange South Holdings, LLC for the development of the Proposed Project at 66-80 South Orange Avenue/Block 235, Lot 1 (merged lots 1-10, 53, 54 and 56) (the Property) in accordance with Section 1201 of the 2005 Agreement.
2. The Mayor and/or the Deputy Mayor/Director of the Department of Economic and Housing Development of the City are hereby authorized to enter into and execute the Assignment and Redevelopment Agreement in the form attached hereto, with such changes as may be approved by the officer executing same, with the advice of Corporation Counsel, such approval to be conclusively evidenced by such officer's execution thereof.
3. The executed Assignment and Restatement of Redevelopment Agreement shall be placed on file in the Office of the City Clerk by the Department of Economic and Housing Development.
4. This resolution shall take effect immediately.
STATEMENT
Resolution approving the City's execution of an Assignment and Restatement of Redevelopment Agreement from Springfield Avenue Marketplace, LLC to Prince Orange South Holdings, LLC (the "Redeveloper"), which shall allow the Prince Orange South Holdings, LLC to develop the Proposed Project at 66-80 South Orange Avenue/Block 235, Lot 1 (merged lots 1-10, 53, 54 and 56), Central Ward ( the Property).