Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: First Amendment to the Agreement for the Sale and Redevelopment of Land to MB Development & Management, LLP, to change the Entity Name
Entity Name: MB Development & Management, LLC
Entity Address: 17 Academy Street, Suite 301, Newark, New Jersey 07102
Sale Amount: $50,000.00
Cost Basis: (X) $10.00PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $85,000.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) months from the transfer of ownership by the City
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
(X) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
509 Avon Avenue/ Block 2640/Lot 29/South Ward
511 Avon Avenue/Block 2640/Lot 30/South Ward
Additional Information:
Resolution 7R2-c adopted on December 18, 2024, authorized the Private Sale/Redevelopment pursuant to the Agreement for the Sale and Redevelopment of Land.
This Resolution authorizes a First Amendment to the Agreement for the Sale and Redevelopment of Land to change the Entity Name.
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WHEREAS, on December 18, 2024 the Newark Municipal Council adopted Resolution 7R2-c (the "Original Resolution"), which authorized the Mayor and/or his designee 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"), for the sale of the following City-owned properties (the "Properties") to MB Development & Management, LLP, 17 Academy Street, Suite 301, Newark, New Jersey 07102 ("Redeveloper"), pursuant to the Local Redevelopment and Housing Law, N.J....
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