Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Authorizing the First Amendment to the Agreement for the Sale and Redevelopment of Land with ABB Properties, LLC to amend the approved redevelopment obligations applicable to the Property, including the project description and occupancy and income restrictions governing the residential units.
Entity Name: ABB Properties, LLC
Entity Address:1416 Morris Avenue, Suite 209, Union, New Jersey 07083
Sale Amount: $48,400.00
Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other.
Contract Period: Unchanged
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)
209-211 Clinton Place/Block 3046.01/Lot 18/South Ward
Additional Information:
Resolution 7R2-b adopted on March 6, 2024, authorized the Private Sale/Redevelopment pursuant to the Agreement for the Sale and Redevelopment of Land.
This Resolution authorizes the First Amendment to the Agreement for the Sale and Redevelopment of Land to amend the approved redevelopment obligations, including the project description, occupancy and income restrictions applicable to the residential units, execution and recording of a deed restriction, and related enforcement provisions.
body
WHEREAS, on March 6, 2024, the Newark Municipal Council adopted Resolution 7R2-b (the "Original Resolution"), which authorized the Mayor and/or his designee the Deputy Mayor/Director of the Department of Economic and Housing Development to enter into and execute an Agreement for the Sale and Redevelopment of Land ("Agreement") with ABB Properties, LLC (the "Redeveloper"), for the sale and redevelopment of the City-owned property located at 209-211 Clint...
Click here for full text