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 3MB Properties, LLC to amend the Property Addresses and Sale Price
Entity Name: 3MB Properties, LLC
Entity Address: 39 Chapman Place, Irvington, New Jersey 07111
Sale Amount: $80,020.80
Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $216,400.00
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)
518 South 14th Street/Block 331/Lot 37/West Ward
651 South 10th Street/Block 2617/Lot 37/South Ward
892 South 20th Street/Block 3015/Lot 3/South Ward
Additional Information:
Resolution 7R2-d, adopted on September 21, 2022, 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 Property Addresses and Sale Price.
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WHEREAS, on September 21, 2022, the Newark Municipal Council adopted Resolution 7R2-d (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 and Redevelopment of Land ("Agreement"), for the sale of the following City-owned property (the "Original Properties") to 3MB Properties, LLC, 189 Shepard Avenue, Newark, New Jersey 07112 ("Redeveloper"), purs...
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