Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying ( X ) Authorizing ( X ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: A Resolution authorizing the modification of the definition of "Developer Fee," the extension of time for completion of the Project and the execution of a Second Amendment to Redevelopment Agreement with Bergen Street Redevelopment Urban Renewal, LLC.
Entity Name: Bergen Street Redevelopment Urban Renewal, LLC
Entity Address: 953 Bergen Street, Newark, New Jersey 07112
Sale Amount: $70,988.20
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other :
Assessed Amount: $896,400.00
Appraisal Amount: $0.00
Contract Period: Extend the time for completion of construction of the Project to Apri 30, 2022
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: (if applicable)
(Address/Block/Lot/Ward)
1037-1047 Bergen Street/Block 3661/Lot 3, 5 and 8/South
1057-1059 Bergen Street/Block 3660/Lot 11/South
Additional Information:
body
WHEREAS, on December 5, 2012, the Municipal Council adopted Resolution 7R3-b authorizing the Deputy Mayor/Director of the Department of Economic and Housing Development to enter into and execute a redevelopment agreement with Bergen Street Redevelopment Urban Renewal, LLC, a New Jersey limited liability company (the "Redeveloper"), 953 Bergen Street, Newark, New Jersey 07112, for the private sale and redevelopment of the following City-owned properties for the purpose of undertaking the construction of forty-five (45) units of affordable housing with ground floor commercial space ("Redevelopment Agreement"):
ADDRESS
WARD
BLOCK
LOT
SIZE
SQ. FEET
1037-1047 Bergen Street
SOUTH
3661
3, 5. 8
151.2X90.5
13,683.60
1057-1059 Bergen Stre...
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