Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Subordination Agreement
Purpose: An Agreement to Subordinate the City of Newark's Reverter Rights by entering into a First Amendment to Agreement for the Sale and Redevelopment of Land and a Subordination Agreement in order to permit the Redeveloper to obtain the financing necessary for the development of two (2) multi-family units for rent to the community at a reasonable market rate.
Entity Name: Maximum Holding Group 1, LLC
Entity Address: 1162 Saint Georges Avenue, Suite 265, Avenel, New Jersey 07001
Sale Amount: N/A
Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other:
Assessed Amount: N/A
Appraised Amount: N/A
Contract Period: Not Applicable
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Properties:
(Address/Block/Lot/Ward)
437 South 17th Street/Block 321/Lot 23/West Ward
496 South 17th Street/Block 327/Lot 41/West Ward
Additional Information:
Resolution 7R2-i adopted on November 21, 2023, authorized the Private Sale/Redevelopment between Maximum Holding Group 1, LLC and the City of Newark
body
WHEREAS, pursuant to Resolution 7R2-i adopted on November 21, 2023, the Newark Municipal Council (“Municipal Council”) authorized the Mayor and/or his designee and 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”) with Maximum Holding Group 1, LLC, 1162 Saint Georges Avenue, Suite 265, Avenel, New Jersey 07001 (“Redeveloper”) to effectuate the sale of City of Newark (“City”) owned real properties located at 437 South 17th Street and 496 South 17th Street, Newark, New Jersey and identified on the official tax map of t...
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