Title
Dept/ Agency: Economic and Housing Development
Action: (X) 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 BVW Holdings, LLC, to correct the Entity Name, Purchase Price, and Purpose of the Sale within the Resolution and Redevelopment Agreement.
Entity Name: BVW Holdings, LLC
Entity Address: Newark, New Jersey 07112
Sale Amount: $2,611.20
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $44,800.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months following transfer of property ownership from the City to the Redeveloper
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)
548 15th Avenue/Block 330/Lot 50/West Ward
Additional Information:
The Municipal Council adopted Resolution 7R2-a on August 19, 2020, which authorized the Redevelopment Agreement with BVW Holdings, LLC.
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WHEREAS, the City of Newark (the "City") is authorized, pursuant to N.J.S.A. 40A:12A-8(g), to sell City-owned properties, no longer needed for public use, in conjunction with an applicable redevelopment plan, at such prices and upon such terms as it deems reasonable, for the purpose of rehabilitating the area; and
WHEREAS, on August 19, 2020, the Municipal Council adopted Resolution 7R2-a (the "Original Resolution"), which authorized the sale of the following City-owned property (the "Property") located within the West Ward, no longer needed for public use, in accordance with the Second Amendment to the West Ward Redevelopment Plan, adopted by Ordinance 6S&Fc(S) on August 17, 20...
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