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 Genesis Capital Investments, LLC to change the Entity Name and Replace one of the Properties
Entity Name: Genesis Capital 2, LLC
Entity Address: 100 Charles Ewing Boulevard, Suite 16, Ewing, New Jersey 08628
Sale Amount: $61,794.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $84,400.00
Appraised Amount: $0.00
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)
142 South 13th Street/Block 1859/Lot 41/West Ward
126 South 13th Street/Block 1859/Lot 49/West Ward
105 South 13th Street/Block 1860/Lot 9/ West Ward
40 Gladstone Avenue/Block 4003/Lot 32/West Ward
Additional Information:
Resolution 7R2-c, adopted on December 20, 2023, 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 change the Entity Name and Replace one of the Properties.
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WHEREAS, on December 20, 2023, the Newark Municipal Council adopted Resolution 7R2-c (the "Original Resolution"), which authorized the Mayor and/or his designee 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 "Listed Propert...
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