Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: First Amendment, Assignment and Assumption to the Agreement for the Sale and Redevelopment of Land to Summit St. Development Group, LLC
Entity Name: Summit St. Development Group, LLC
Entity Address: 211 Warren Street, Newark, New Jersey 07103
Sale Amount: $10,459.40
Cost Basis: (X) $7.00 PSF ( ) Negotiated (X) N/A ( ) Other:
Assessed Amount: $32,200.00
Appraised Amount: N/A
Contract Period:
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)
110 James Street/Block 2828/ Lot 1/Central Ward
Additional Information:
Resolution 7R2-a adopted on January 21, 2021, designating Mission Realestate Projects, LLC as the redeveloper and authorizing an Agreement for the Sale and Redevelopment of Land.
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WHEREAS, pursuant to Resolution 7R2-a adopted on January 21, 2021 (the "Original Resolution"), the Mayor and/or his designee and the Deputy Mayor/Director of the Department of Economic and Housing Development were authorized to execute an Agreement for the Sale and Redevelopment of Land ("Agreement")for the sale and redevelopment of certain City-owned property located at 110 James Street, Newark, New Jersey, and designated on the Official Tax Map of the City of Newark as Block 2828, Lot 1 (the "Property"), to Mission Realestate Projects, LLC (the "Assignor"), in the amount of Ten Thousand Four Hundred Fifty Nine Dollars and Forty Cents ($10,459.40), pursuant to the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq., as amended and supplemented, for the development of a fifteen (15)-unit multifamily building intended for off-campus student housing through the assem...
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