Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: First Amendment to the Agreement for the Sale and Redevelopment of Land to 512-520 South 19th Street Associates, LLC to amend the Scope of the Project, Sale Price and Property Addresses
Entity Name: 512-520 South 19th Street Associates, LLC
Entity Address: 290 Ferry Street, New Jersey 07105
Sale Amount: $90,000.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $174,800.00
Appraised Amount: N/A
Contract Period: To commence within three (3) months and be completed within eighteen (18) months from the transfer of ownership by the City
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)
522 South 19th Street/Block 336/Lot 1.01/West Ward
520 South 19th Street/Block 336/Lot 1.02/West Ward
518 South 19th Street/Block 336/Lot 1.03/West Ward
516 South 19th Street/Block 336/Lot 1.04/West Ward
514 South 19th Street/Block 336/Lot 1.05/West Ward
512 South 19th Street/Block 336/Lot 1.06/West Ward
Additional Information:
Resolution 7R2-h (s), adopted on August 19, 2021, authorized the Private Sale/Redevelopment pursuant to the Agreement for the Sale and Redevelopment of Land.
This Resolution authorizes a First Amendment to the Agreement for the Sale and Redevelopment of Land to amend the Scope of the Project, Sale Price, and correct the Property Addresses.
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WHEREAS, on August 19, 2021, the Newark Municipal Council adopted Resolution 7R2-h (s) (the "Original Resolution"), which authorized the Mayor and/or his designee and the Deputy Mayor/Director of the Department of Economic and Housing Development to enter into...
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