Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( X ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Second Amendment to Redevelopment Agreement
Entity Name: Morris Fairmount Associates Urban Renewal, LLC
Entity Address: c/o Morris Realty Associates, LLC, 350 Veterans Boulevard, Rutherford, New Jersey 07070
Sale Amount: $10.00
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $
Appraised Amount: $474,500.00
Contract Period: n/a
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)
189-199 Blanchard Street (Block 2438, Lot 92) (the "Original City Property") and 190-202 Blanchard Street and abutting underwater land (Block 5001, Lots 50 and 50.01) - EAST WARD
Additional Information:
Original Redevelopment Agreement was authorized by Resolution 7Rg031506 adopted March 15, 2006. The first Amendment to the Redevelopment Agreement was authorized by Resolution 7R3-A(AS)(S) 012308
Purchase price of property shall be adjusted to $10.00; Entity to receive a credit of $474,490.00 against appraised fair market value for remediation and riparian rights.
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WHEREAS, on March 15, 2006, the Municipal Council of the City of Newark (the "City") adopted Resolution 7Rg, authorizing the Mayor or his designee, upon satisfaction of all legal conditions precedent, to execute a redevelopment agreement with Morris Fairmount Associates Urban Renewal, LLC (formerly known as Morris Fairmount Associates, LLC) (the "Redeveloper") in connection with the construction of an industrial warehouse development in accordance with the provisions and limitations set forth in the City'...
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