Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Agreement for redevelopment of land
Entity Name: 34 Commerce Street, LLC.
Entity Address: 436 Albany Court, West New York, New Jersey 07093
Sale Amount: $900,000.00
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $0.00
Appraised Amount: $900,000.00
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)
34 Commerce Street/Block 145/Lot 28/Central Ward
Additional Information:
Deferred 7R2-j (as) 120518
body
WHEREAS, in order to stimulate the reinvigoration of the City, by Resolution 7Rdo (AS) adopted by the Municipal Council on June 15, 2005, the entire City of Newark was designated as an area in need of rehabilitation pursuant to the Act; and
WHEREAS, by Ordinance 6S&Fg dated September 3, 2008, the Municipal Council of the City of Newark (the "Municipal Council") adopted an Ordinance approving the "Living Downtown Plan" (the "Redevelopment Plan"); and
WHEREAS, the Redevelopment Plan has been amended four (4) times since its initial passage by the Municipal Council including the First Amendment by Ordinance 6PSF-a(S) adopted on June 30, 2010, the Second Amendment by Ordinance 6PSF-a(S) adopted on September 21, 2010, the Third Amendment by Ordinance 6PSF-c adopted on December 16, 2015, and the Fourth Amendment by Ordinance 6PSF-b(S) adopted on April 10, 2018; and
WHEREAS, said Redevelopment Plan complies with the requirements of all applicable State and Federal statutes and regulations promulgated thereunder; and
WHEREAS, the Redevelopment Plan is a...
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