Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( X ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Agreement to subordinate the City's mortgage and reverter rights to permit financing necessary for the redevelopment of a mixed-use affordable rental housing project
Entity Name: Carrino Plaza Apartments, LLC
Entity Address: 1055 Sawmill River Road, Suite 204, Ardsley, New York 10502
Sale Amount: $800,000.00 ($80,000.00 cash plus $720,000.00 mortgage in favor of the City)
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $
Appraised Amount: $
Contract Period: Term of City Loan is Forty-Two (42) 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:
Resolution 7R3-I 102913, Authorized Sale and Redevelopment Agreement
Resolution 7R3-C 021914, Authorized First Amendment To RDA Agreement
Resolution 7R3-H 102913, Authorized the Tax Abatement Agreement
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WHEREAS, pursuant to Resolution 73R-I adopted on October 29, 2013 the Mayor and the Deputy Mayor/Director of the Department of Economic and Housing Development were authorized to enter into and execute a Redevelopment Agreement with Carrino Plaza Apartments, LLC for the sale of land owned by the City located at 416-426 Broadway, Newark, New Jersey 07104 and identified on the official tax map of the City as Block 613, Lot 1, for a purchase price of Eight Hundred Thousand Dollars ($800,000.00), with $80,000.00 cash and a $720,000.00 mortgage in favor of the City so that Carrino Plaza Apartments, LLC may construct 60 affordable housing units and approximately 6,395 square feet of retail spac...
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