Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: First Amendment to the Agreement for the Sale and Redevelopment of Land to M.T.A. & Associates, LLC to correct the property description
Entity Name: M.T.A. & Associates, LLC
Entity Address: 455 Stuyvesant Avenue, Irvington, New Jersey 07111
Sale Amount: $45,000.00
Cost Basis: (X) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $34,400.00
Appraised Amount: N/A
Contract Period: To commence within three (3) months and be completed within eighteen (18) months from the transfer of ownership by the City
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)
684-686 South 18th Street/Block 357/Lot 37/South Ward
Additional Information:
Resolution 7R2-e adopted on April 24, 2024, authorized the Private Sale/Redevelopment pursuant to the Agreement for the Sale and Redevelopment of Land.
This Resolution authorizes a First Amendment to the Agreement for the Sale and Redevelopment of Land to correct the Scope of Project.
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WHEREAS, on April 24, 2024 the Newark Municipal Council adopted Resolution 7R2-e (the "Original Resolution"), which authorized the Mayor and/or his designee the Deputy Mayor/Director of the Department of Economic and Housing Development to enter into and execute an Agreement for the Sale and Redevelopment of Land ("Agreement"), for the sale of the following City-owned property (the "Property") to M.T.A. & Associates, LLC, 455 Stuyvesant Avenue, Irvington, New Jersey 07111 ("Redeveloper"), pursuant to the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq., located within the South Ward, no longer needed for public use, in a...
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