Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: First Amendment to the Private Sale/Redevelopment with Clinton View, LLC to adjust the Sale Amount due to Environmental Remediation.
Entity Name: Clinton View, LLC
Entity Address: 40 Clifton Street, Newark, New Jersey 07114
Sale Amount: $972,000.00 minus an Environmental Remediation credit not to exceed $194,400.00
Cost Basis: ( ) $PSF (X ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $227,500.00
Appraised Amount: N/A
Contract Period: To commence within three (3) months and be completed within eighteen (18) 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)
176-178 Clinton Avenue/Block 2802/ Lot 47/ South Ward
Additional Information:
Resolution 7R2-g adopted on June 17, 2026, 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 adjust the Sale Amount due to Environmental Remediation that must be provided on the Property.
body
WHEREAS, on June 17, 2026 the Newark Municipal Council adopted Resolution 7R2-g (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 property (the “Property”) to Clinton View, LLC, 40 Clifton Street, Newark, New Jersey 07114 (“Redeveloper”), pursuant to the Local Redevelopment and Housing Law, N.J.S....
Click here for full text