Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment/Subordination Agreement
Purpose: An Agreement to subordinate the City's Reverter Rights by entering into a Second Amendment to the Agreement for Sale and Redevelopment of Land and a Subordination Agreement in order to permit financing necessary for the redevelopment of rental or for-sale owner-occupied housing.
Entity Name: Lawrence Merrill
Entity Address: Newark, New Jersey 07106
Sale Amount: $0.00
Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other:
Assessed Amount: $0.00
Appraised Amount: $0.00
Contract Period: Not Applicable
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property:
(Address/Block/Lot/Ward)
177 Renner Avenue/Block 3668/Lot 7/South Ward
Additional Information:
Resolution 7R2-b adopted on August 19, 2020, authorized the Private Sale/Redevelopment Agreement.
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WHEREAS, pursuant to Resolution 7R2-b adopted on August 19, 2020, the Mayor of the City of Newark and the Deputy Mayor/Director of the Department of Economic and Housing Development were authorized to enter into and execute an Agreement for the Sale and Redevelopment of Land (the "Agreement") with Lawrence Merrill for the sale of land owned by the City of Newark located at 177 Renner Avenue, Newark, New Jersey 07112 (the "Property") and identified on the Official Tax Map of the City of Newark, as Block 3668, Lot 7, for a purchase price of Thirty-Nine Thousand Dollars and Zero Cents ($39,000.00) for the rehabilitation of the property to create affordable rental or for-sale housing; and
WHEREAS, such sale was authorized pursuant to N.J.S.A. 40A:12-13, which requires that such conveyance be subject to the conditi...
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