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 Ascension Capital Partners I, LLC to, amend the scope of the Project
Entity Name: Ascension Capital Partners I, LLC
Entity Address: 59 Lincoln Park, Suite 200, Newark, New Jersey 07102
Sale Amount: $28,697.20
Cost Basis: () $PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $0.00
Appraised Amount: $0.00
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)
45-47 Astor Street/Block 2812/Lot 22/East Ward
43 Astor Street/Block 2812/Lot 23/East Ward
41 Astor Street/Block 2812/Lot 24/East Ward
Additional Information:
Resolution 7R2-b adopted on January 10, 2018, 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 amend the Scope of the Project.
Deferred 7R2-b 120424
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WHEREAS, on January 10, 2018, the Newark Municipal Council adopted Resolution 7R2-b (the "Original Resolution"), which authorized the Mayor and/or his designee and the Deputy Mayor/Director of the Department of Economic and Housing Development to enter into and execute an Agreement for the Sale of Land and Redevelopment ("Agreement"), for the sale of the following City-owned property (the "Property") to Ascension Capital Partners I, LLC, 59 Lincoln Park, Suite 200, Newark, New Jersey 07102 ("Redeve...
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