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 Sale and Redevelopment of Land and a Subordination Agreement in order to permit the Redeveloper to obtain financing, necessary for the rehabilitation of property to build a three-family house for sale
Entity Name: Wiosna, Limited Liability Company
Entity Address: 65 Chapin Street, Unit 24, Pine Brook, New Jersey 07058
Sale Amount: $23,625.00
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)
274 Chadwick Avenue/Block 2711/Lot 58/South Ward
Additional Information:
Resolution 7R2-a (s) adopted on March 10, 2020, designating Wiosna, Limited Liability Company as the Redeveloper and authorized the Agreement for the Sale and Redevelopment of Land
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WHEREAS, pursuant to Resolution 7R2-a (s) adopted on March 10, 2020, the Newark Municipal Council ("Municipal Council") authorized the Mayor and 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 (the "Agreement") with Wiosna, Limited Liability Company, 65 Chapin Street, Unit 24, Pine Brook, New Jersey 07058 ("Redeveloper"), for the sale of City owned real property located and identified on the official tax map of the City of Newark ("City") as Block 2711, Lot 58, and commonly known as 274 Chadwick Avenue, Newark, New Jersey ("Property"), for a purchase price of T...
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