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 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 Redeveloper to obtain financing necessary for the redevelopment of an affordable mid-rise multi-family residential building.
Entity Name: Springview Development Group LLC
Entity Address: 1212 Springfield Avenue, Irvington, New Jersey 07111
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 Property:
(Address/Block/Lot/Ward)
569 Springfield Avenue/Block 2618/Lot 1/South Ward
565-567 Springfield Avenue/Block 2618/Lot 3/South Ward
563 Springfield Avenue/Block 2618/Lot 5/South Ward
559-561 Springfield Avenue/Block 2618/Lot 7/South Ward
643 South 11th Street/Block 2618/Lot 12 /South Ward
645 South 11th Street/Block 2618/Lot 13/South Ward
647 South 11th Street/Block 2618/Lot 14/South Ward
649 South 11th Street/Block 2618/Lot 15/South Ward
651 South 11th Street/Block 2618/Lot 16/South Ward
653 South 11th Street/Block 2618/Lot 17/South Ward
Additional Information:
Resolution 7R2-c adopted on October 5, 2022, designating Springview Development Group LLC as the redeveloper and authorizing an Agreement for the Sale and Redevelopment of Land.
body
WHEREAS, pursuant to Resolution 7R2-c adopted on October 5, 2022, the Newark Municipal Council (the "Municipal Council") authorized the Mayor and the Deputy Mayor/Director of Department of Economic and Housing Development...
Click here for full text