Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying ( ) Authorizing (X) Amending
Purpose: First Amendment to Purchase, Escrow and Delivery Agreement
Entity Name: Newark Makerhoods Urban Renewal, LLC
Entity Address: New York, New York 10019
Project Information: Resolution of the Municipal Council of the City of Newark authorizing an amendment to the purchase, escrow and delivery agreement, dated June 23, 2020 by and among the City, Newark Makerhoods Urban Renewal, LLC, The Prudential Insurance Company of America and Decotiis, FitzPatrick, Cole & Giblin, LLP
Additional Information:
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WHEREAS, on August 2, 2017, the Newark Municipal Council ("Municipal Council") adopted Resolution 7R2-d(AS) authorizing the execution of the Agreement for the Sale and Redevelopment of Land ("Redevelopment Agreement") with Newark Makerhoods, LLC, 200 Central Park South, Apt. 9R, New York, New York 10019 ("Redeveloper") for the private sale and rehabilitation of various properties in the Central Ward of the City of Newark, pursuant to N.J.S.A. 40A:12A-8(g), for the construction of a mixed use complex consisting of approximately 66 units of housing, of which approximately 16 units will be for affordable housing, approximately 16 affordable workshops where tenants will operate small businesses, and the rehabilitation of the Krueger Scott Mansion into a business incubation space with approximately 20,000 square feet of office space for local commercial entities ("Project"); and
WHEREAS, pursuant to Resolution 7R2-d(AS), on or about December 7, 2017, the City of Newark ("City") and Redeveloper entered into that certain Redevelopment Agreement; and
WHEREAS, on September 24, 2019, the Municipal Council adopted Ordinance 6PSF-a(S) granting a tax exemption to Newark Makerhoods Urban Renewal, LLC, formerly known as Newark Makerhoods, LLC - Redeveloper, for the Project, authorizing the execution and del...
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