Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying ( x ) Authorizing ( x ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Authorize Execution of the Second Amendment of the Agreement for the Sale and Redevelopment of 140-166 Raymond Boulevard
Entity Name: 140 Raymond Urban Renewal, LLC
Entity Address: 494 Broad Street, Newark, New Jersey 07102
Sale Amount: $3,200,000.00 subject to certain credits as set forth in the Agreement
Cost Basis: () PSF ( X ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $0.00
Appraised Amount: $0.00
Contract Period: Construction shall commence no later than six (6) months from closing and completed within twenty-four (24) months from commencement of construction
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)
140-166 Raymond Boulevard /Block 5002/Lot 3/East Ward
140-156 Raymond Boulevard Rear/Block 5002/Lot 14/East Ward
Additional Information:
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WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., as amended and supplemented (the "Act"), authorizes municipalities to participate in the redevelopment and improvement of areas that are in need of redevelopment or rehabilitation; and
WHEREAS, the Municipal Council of the City of Newark (the "Governing Body") identified certain properties in the City to be considered for designation as an "area in need of rehabilitation and/or an area in need of redevelopment" under the Redevelopment Law; and
WHEREAS, in furtherance of the objectives of the Redevelopment Law, the City determined that certain properties, Block 5002, Lots 3, 5, 14 and 16 on the Official Tax Map of the City of Newark, owned by the City of Newark, met t...
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