Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: A First Amendment to the Redevelopment Agreement to subordinate the City's reverter rights to permit financing necessary for the redevelopment of a two-family house project.
Entity Name: Algorithm Real Estate Holdings Limited Liability Company
Entity Address: 200 Renner Avenue, Newark, New Jersey 07112
Sale Amount: $20,831.40
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $22,700.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months from the transfer of property ownership from the City to the Redeveloper
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
(X) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
(Address/Block/Lot/Ward)
268 Seymour Avenue/Block 3597/Lot 18/South Ward
Additional Information:
Resolution 7R2-c adopted on August 20, 2019, authorized the Sale and Redevelopment Agreement.
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WHEREAS, pursuant to Resolution 7R2-c adopted on August 20, 2019 the Mayor and the Deputy Mayor/Director of the Department of Economic and Housing Development were authorized to enter into and execute a Redevelopment Agreement with Algorithm Real Estate Holdings, LLC, 200 Renner Avenue, Newark, New Jersey 07112, for the sale of land owned by the City located at 268 Seymour Avenue, Newark, New Jersey 07112 and identified on the official tax map of the City as Block 3597, Lot 18, for a purchase price of Twenty Thousand Eight Hundred Thirty One Dollars and Forty Cents ($20,831.40), so that Algorithm Real Estate Holdings, LLC may construct a two-family house on the property; and
WHEREAS, such sale was authorized pursuan...
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