Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Subordination Agreement
Purpose: To provide Subordinate City's Reverter Rights to the lien of a mortgage for property conveyed by the City to a non-profit to permit refinancing of redevelopment loans.
Entity Name: Newark Community Health Centers, Inc.
Entity Address: 741 Broadway, Newark, New Jersey 07104
Lender's Name: Bank of America, N.A.
Lender's Address: Gateway Village - 900 Building, 900 W. Trade Street, Charlotte, North Carolina 28255
Contract Period: Not Applicable
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: (If applicable)
(Address/Block/Lot/Ward)
737-745 Broadway/Block 772/ Lot 1/North Ward
747-749 Broadway/Block 772/Lot 6/North Ward
57 Grafton Avenue/Block 772/Lot 56/North Ward
Additional Information:
The sale of property was made pursuant to Ordinance 6PSF-f, adopted on June 2, 2010 to be used as a non-profit Federally Qualified Healthcare Center.
Resolution 7R3-c adopted on June 17, 2015 authorized the subordination of the City's reverter rights to permit financing necessary to significantly rehabilitate the property.
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WHEREAS, pursuant to Ordinance 6PSF-f adopted on June 2, 2010, the Municipal Council authorized the Mayor of the City of Newark and/or his designee, the Deputy Mayor/Director of the Department of Economic and Housing Development to enter into an agreement for the sale and redevelopment of City- owned property located at 737-745 Broadway, 747-749 Broadway and 57 Grafton Avenue, identified on the Official Tax Maps of the City of Newark, as Block 772, Lots 1, 6 and 56 (the "Property") to Newark Community Health Centers, Inc., 741 Broadway, Newark, New Jersey 07104 (NCHC) for ...
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