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 in order to permit financing necessary for the redevelopment of three (3) two-family duplex style market rate homes.
Entity Name: A Brick At A Time, LLC
Entity Address: 490 East Kennedy Boulevard, Lakewood, New Jersey 08701
Sale Amount: $0.00
Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other:
Assessed Amount: $0.00
Appraised Amount: $0.00
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:
(Address/Block/Lot/Ward)
174 Scheerer Avenue/Block 3665/Lot 41/South Ward
171-173 Shephard Avenue/Block 3665/Lot 72/South Ward
421-423 Clinton Place/Block 3717/Lot 51/South Ward
Additional Information:
Resolution 7R2-a adopted on July 22, 2020, authorized the Sale and Redevelopment Agreement.
body
WHEREAS, pursuant to Resolution 7R2-a, adopted on July 22, 2020, 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 A Brick At A Time, LLC for the sale of land owned by the City of Newark located at 174 Scheerer Avenue, 171-173 Shephard Avenue, and 421-423 Clinton Place, Newark, New Jersey 07108 (the "Properties"), and identified on the official tax map of the City as Block 3665, Lot 41, Block 3665, Lot 72, and Block 3717, Lot 51 respectively, for a purchase price of Ninety Thousand One Hundred Sixty Dollars and Zero Cents ($90,160.00), so that A Brick At A Time, LLC may construct two (2) two-family homes on the vaca...
Click here for full text