Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: An Agreement to Subordinate the City of Newark's Reverter Rights by entering into a First Amendment to the Agreement for the Sale and Redevelopment of Land and a Subordination Agreement in order to permit Redeveloper to obtain financing necessary for the redevelopment of the property as a three family home and a two family home.
Entity Name: Fresh Tone Homes, LLC
Entity Address: 200 Main Street, Suite 101, Orange, New Jersey 07050
Sale Amount: $58,254.00
Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other:
Assessed Amount: N/A
Appraised Amount: N/A
Contract Period: Not Applicable
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property:
(Address/Block/Lot/Ward)
106 4th Street/Block 1886/Lot 28/West Ward
102-104 4th Street/Block 1886/Lot 29/West Ward
Additional Information:
Resolution 7R2-c (s) adopted on July 2, 2019, designating Fresh Tone Homes, LLC as the Redeveloper and authorized the Agreement for the Sale and Redevelopment of Land.
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WHEREAS, pursuant to Resolution 7R2-c (s) adopted on July 2, 2019, the Newark Municipal Council (the "Municipal Council") authorized the Mayor and the Deputy Mayor/Director of Department of Economic and Housing Development to enter into and execute an Agreement for the Sale and Redevelopment of Land ("Agreement") with Fresh Tone Homes, LLC, 200 Main Street, Suite 101, Orange, New Jersey 07050 (the "Redeveloper") for the sale of City-owned real property located at 106 4th Street and 102-104 4th Street, Newark, New Jersey, within the West Ward of the City and identified on the tax map of the City of Newark as Block 1886, Lots 28 and 29 (the "Properties...
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