Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: An Agreement to subordinate the City's Reverter rights by entering into a First Amended Redevelopment Agreement and a Subordination Agreement to enable Redeveloper to obtain financing necessary for the redevelopment of one (1) two-family house and two (2) three-family houses.
Entity Name: Commercial Funding Group, LLC
Entity Address: 490 East Kennedy Boulevard, Lakewood, New Jersey 08901
Sale Amount: Not Applicable
Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other:
Assessed Amount: Not Applicable
Appraised Amount: Not Applicable
Contract Period: Not Applicable
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)
88-90 Milford Avenue/Block 2672/Lot 34/South Ward
92 Milford Avenue/Block 2672/Lot 35/South Ward
94 Milford Avenue/Block 2672/Lot 31/South Ward
Additional Information:
Resolution 7R2-g(S) adopted on July 2, 2019, authorized the Sale and Redevelopment Agreement.
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WHEREAS, pursuant to Resolution 7R2-g(S) adopted on July 2, 2019, the Mayor of the City of Newark and the Deputy Mayor/Director of the Department of Economic and Housing Development were authorized to enter into and execute an Agreement for the Sale and Redevelopment of Land ("Agreement") with Commercial Funding Group, LLC ("Redeveloper") for the sale of land owned by the City of Newark ("City") located at 88-90 Milford Avenue, 92 Milford Avenue, and 94 Milford Avenue, Newark, New Jersey 07108 and identified on the Official Tax Map of the City of Newark, as Block 2672, Lots 34, 35, and 31 ("Properties"), for a purchase price of Seventy Thousand Seventy- Two Dollars and Fifty-Six Cent...
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