Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: An Agreement to subordinate the City's Reverter Rights by entering into a First Amendment to the Agreement for Sale of Land and Redevelopment and a Subordination Agreement in order to permit financing necessary for the redevelopment of eight (8) affordable two-family homes.
Entity Name: Urban League of Essex County Opportunity Corporation
Entity Address: 508 Central Avenue, Newark, New Jersey 07107
Sale Amount: $85,682.00
Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other:
Assessed Amount: $0.00
Appraised Amount: $0.00
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 Property:
(Address/Block/Lot/Ward)
208-210 Fairmount Avenue/Block 262/Lot 10 and 11/West Ward
172-178 Fairmount Avenue/Block 262/Lot 26, 27, and 28/West Ward
147 Camden Street/Block 262/Lot 35/West Ward
187 Fairmount Avenue/Block 263/Lot 41/West Ward
195 Fairmount Avenue/Block 263/Lot 45/West Ward
Additional Information:
Resolution 7R3-a adopted on January 6, 2016, authorized the Private Sale/Redevelopment Agreement.
A Public Hearing will be held during the Special Meeting/Conference on Tuesday, July 11, 2023 at 10:00 A.M. in the Council Chamber.
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WHEREAS, pursuant to Resolution 7R3-a adopted on January 6, 2016, the Mayor and the Deputy Mayor/Director of the Department of Economic and Housing Development were authorized to enter into and execute an Agreement for the Sale and Redevelopment of Land (the "Redevelopment Agreement") with Urban League of Essex County, now known as Urban League of Essex County Opportunity Corporation, 508 Central Avenue, Newark...
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