FORM 2-5.000 20 lb. Bond
7R7-n 080608
Winn of
NO. Of /;--
Titg of Mitt& N.J.
AUG 0 6 2008
Date of Adoption
Dept./ Agency: Department of Law
Ratifying (4) Authorizing (4)
Type of Service: Contract
Purpose: Private Sale and Redevelopment of City
multi-story residential tower with parking Entity Name(s): 36-54 Rector, LLC
Contract Amount: $2,750.000.00
act Period: This resolution shall take effect immediately. Contract Basis: Bid ( )
Fair & Open ( )
Prof. Ser. (4) EUS ( )
Non-Fair & Open ( ) RFP ( ) RFQ ( )
Amending ( )
Owned Properties to construct approximately 152 new luxury market rate housing units in a for approximately 154 cars with the Central Ward Redevelopment Area.
Address
Lot
Additional Comments:
Block
17 26 36-54 Rector Street
Approved as to Form . n u Legality on Basis of Facts Set Forth
dr00111111
Corporation Counsel
Size Area
23 90.1 21,0
Title
Council Member -/ ,21:22_
presents the following Resolution:
WHEREAS, the City of Newark has determined that the property listed as follows:
BLOCK 17 LOT ADDRESS SIZE AREA COST
26 36-54 Rector St 233.6 x 90.1 21,047.36 $2,750,000.00
Total Sq Ft. 21,047.36.
r?3
(a total of 21,047.36 square feet in area) within the Central Ward Redevelopment Area, is owned and not needed for municipal purposes; and
WHEREAS, 36-54 Rector, L.L.C., a duly formed corporation in the State of New Jers having its offices at 442 Northfield Avenue, West Orange, NJ 07052 was in negotiation with t City of Newark to acquire certain properties pursuant to the provisions of N.J.S.A. 40A:12A-8(g3
WHEREAS, before the enactment of legislation and before the execution of a contract between the City of Newark and 36-54 Rector, L.L.C., the Superior Court of the New Jersey, Lavito Division, Essex County entered an Order to Show Cause with Temporary Restraints on May 31, 2006 and an Injunction on June 28, 2006, under docket no. ESX-L-4430-06 ("Land Sales Litigation"), enjoining the closing of any contract ente...
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