Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To authorize the execution of a Redevelopment Agreement with Brandywine Acquisition and Development, LLC, as the designated redeveloper of the Crime and Ballistics Facility as part of a public-private partnership entered into under the Local Redevelopment and Housing Law.
Entity Name: Brandywine Acquisition and Development, LLC
Entity Address: 2 Ponds Edge Drive, Chadds Ford, Pennsylvania 19317
Sale Amount: $282,600.00
Cost Basis: ( ) PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $2,711,100.00
Appraised Amount: $0.00
Contract Period: Project Schedule attached as Exhibit D
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)
706-714 Hunterdon Street/Block 2706/Lots 54, 56, and 58/South Ward
247 Peshine Avenue/Block 2706/Lot 1/South Ward
249-251 Peshine Avenue/Block 2706/Lots 2 and 3/South Ward
253-255 Peshine Avenue/Block 2706/Lots 4 and 5/South Ward
257 Peshine Avenue/Block 2706/Lot 6/South Ward
Additional Information:
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WHEREAS, on June 15, 2005, pursuant to Resolution 7Rdo(AS), the entire City of Newark was designated an "area in need of rehabilitation" as defined by the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., including the lots located at 706-714 Hunterdon Street, 247 Peshine Avenue, 249-251 Peshine Avenue, 253-255 Peshine Avenue and 257 Peshine Avenue, also known as Block 2706, Lots 1, 2, 3, 4, 5, 6, 54, 56 and 58 on the tax maps of the City of Newark (the "Property"); and
WHEREAS, on January 5, 2017, pursuant to Ordinance 6PSF-b, the City ...
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