Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Amend Resolution 7R3-d 090110 and Agreement authorized therein to revise the description of the project and amend the contract period
Entity Name: Mid-Atlantic Investment Alliance, LLC
Entity Address: 11 Florence Place, West Orange, NJ 07052
Sale Amount: $224,521.89
Cost Basis: ( X ) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $635,000.00
Appraised Amount: N/A
Contract Period: Commence three months from date of transfer until 24 months thereafter.
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)
90-96 Clinton Ave./2826/3/East
27 Brunswick St./2826/35/East
29 Brunswick St./2826/36/East
31 Brunswick St./2826/37/East
33 Brunswick St./2826/38/East
Additional Information:
Deferred 7R3-d 040412
Invitation: Director of Economic & Housing Development, April 17, 2012
Deferred 7R3-c 041812
body
WHEREAS, Resolution 7R3-d adopted on September 1, 2010, authorized the Mayor and Deputy Mayor/Director of the Department of Economic and Housing Development to enter into and execute a contract with Mid-Atlantic Investment Alliance, LLC (Mid-Atlantic), for the private sale and redevelopment of the following City-owned properties for the purpose of undertaking the construction of a 15-unit residential project with a mix of 2 and 3 bedroom, loft-condominium units and 3 bedroom single family townhomes for sale as Workforce housing (“Agreement for the Sale of Land and Redevelopment”):
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
90-96 Clinton Ave. East 2826 3 105.1 x 144.9 15,228.99
27 Brunswick St. East ...
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