Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( X ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: 5th Amendment to RDA
Entity Name: RBH-TRB 17 William, LLC, RBH-TRB Broad Mezz Urban Renewal Entity, LLC and Teachers Village Project B Urban Renewal Entity, LLC
Entity Address: c/o RBH Group, 89 Market St., 8th Floor, Newark, NJ 07102
Sale Amount: $N/A
Cost Basis: ( ) $ PSF ( ) Negotiated ( X ) N/A ( ) Other:
Assessed Amount: $ N/A
Appraised Amount: $N/A
Contract Period: December 31, 2015
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)
17-19 William Street (Block 57, Lot 1) and 238-242 Halsey Street (Block 57, Lot 9) - Central Ward
Additional Information:
Original Agreement for Redevelopment of Land was authorized by Resolution 7R3K, adopted November 7, 2007
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WHEREAS, on November 7, 2007 the Municipal Council of the City of Newark (the "Municipal Council") adopted Resolution 7R3K authorizing the Deputy Mayor/Acting Director of the Department of Economic and Housing Development to execute a settlement agreement with Jersey Investments, LLC to, among other things, release Jersey Investments, LLC from any further obligation to redevelop certain property formerly owned by the City located at 17-19 William Street (Block 57, Lot 1) and 238-242 Halsey Street (Block 57, Lot 9) (collectively, the "Property") and to enter into an agreement with RBH Group Partners XII, LP ("RBH") for the transfer and redevelopment of the Property; and
WHEREAS, pursuant to the Resolution 7R3K 110707, the City entered into an Agreement for Redevelopment of Land with RBH on November 9, 2007 fo...
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