Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Settlement Agreement
Purpose: Authorizing Execution of Settlement Agreement with ABL RPC Residential Credit Acquisition, LLC
Entity Name: ABL RPC Residential Credit Acquisition, LLC
Entity Address: 30 Montgomery Street, Suite 150, Jersey City,
New Jersey 07302
Sale Amount: N/A
Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other:
Assessed Amount:
Appraised Amount:
Contract Period: To commence within three (3) months and be completed within two (2) years from the transfer of ownership by the City
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)
379 Avon Avenue/Block 2632/Lot 22.01/South Ward
381 Avon Avenue/Block 2632/Lot 22.02/South Ward
687 Clinton Avenue/Block 3008/Lot 1.01/South Ward
Additional Information:
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WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq., as amended and supplemented (the “Act”), authorizes municipalities to participate in the redevelopment and improvement of areas that are in need of redevelopment or rehabilitation; and
WHEREAS, in order to stimulate the reinvigoration of the City of Newark (the “City”), by Resolution 7Rdo(AS) 061505 adopted on June 15, 2005, the entire City was designated as an area in need of rehabilitation pursuant to the Act; and
WHEREAS, on September 5, 2019, the City Municipal Council adopted Resolution 7R2-g(AS) authorizing an Agreement for the Sale of Land and Redevelopment (the “Redevelopment Agreement”) between the City and Newark Interfaith, LLC (the “Redeveloper”) concerning the City-owned properties located at 379-381 Avon Avenue (Block 2632, Lot 22) and 687-689 Clinton Avenue (Block ...
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