Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Redevelopment as mixed-use, affordable rental housing
Entity Name: Carrino Plaza Apartments, LLC
Entity Address: 1055 Saw Mill River Road, Suite 204, Ardsley, New York 10502
Sale Amount: $ 800,000.00
Cost Basis: ( ) $ PSF ( ) Negotiated ( X ) N/A ( ) Other:
Assessed Amount: $
Appraised Amount: $
Contract Period: Term of City Loan Thirty (30) years
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
416-426 Broadway/ Block 613/Lot 1/North Ward
Additional Information:
Purchase money mortgage in amount of $720,000.00 is being provided to the Entity.
Redevelopment Agreement includes a $720,000.00 purchase money mortgage with an interest rate of One (1) % per annum for a term of Thirty (30) years with a single balloon payment at end of term.
No Action Taken 7R3-i 102313
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WHEREAS, by Resolution 7RM adopted May 4, 2005, the Municipal Council of the City of Newark (the "Municipal Council") directed the Central Planning Board of the City of Newark (the "Central Planning Board") to undertake an investigation to determine if the City satisfied the statutory criteria of an "area in need of rehabilitation" in accordance with the provisions of the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq. (the "LRHL"); and
WHEREAS, the Central Planning Board conducted the requested investigation in accordance with the LRHL, including a public hearing on June 6, 2005, after which hearing the Central Planning Board recommended the ...
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