Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Authorizing Settlement Agreement/ Release/ Stipulation of Dismissal and Authorizing Option (1) to purchase from Sumo Realty, Inc. properties located at Block 919. Lots 1, 5, 15, 43.19 and 43.30 at a purchase price of $4,000,000.00 (Initial payment of $2,500,000.00 and a deferred payment of $1,500.000.00 or Option (2) to cancel the obligation of Sumo Realty, Inc. to sell such properties to the City of Newark
Docket No.: ESX-C-52-09/ ESX-C-51-09
Claimant(s):
1. Sumo Enterprises, Inc./ 22 Prince Street, Elizabeth, NJ 07208
2. New Home Realty, Inc. / 22 Prince Street, Elizabeth, NJ 07208
3. Badger Development Company/ 22 Prince Street, Elizabeth, NJ 07208
Claimant's Attorney: N/A
Attorney's Address: N/A
Additional Comments: N/A
Body
Related Legislation:
7RBS 9/15/2004
SUMO ENTERPRISES INC; 157 RIDGEWOOD AVE; 272-296 BADGER AVE; 250-270 BADGER AVE; SALE/REDEVELOPMENT-04 BLK/LT 2703/2,54,58, FOR $266.700., AMENDED 7RE/120804 7R3F/070711-SETTLEMENT AGREEMENT; SALE/REDEVELOPMENT-04 BLK/LT 2703/2,54,58, FOR $266.700., AM...
7RE 12/8/2004
SUMO ENTERPRISES INC; SALE/REDEVELOPMENT-04 AMENDS 7RBS/091404, CHANGING NUMBERS OF UNITS
7RDS 4/25/2006
BADGER DEVELOPMENT CORP; 165,167,169,171,187-191,193-195,181-185,213,225, RIDGEWOOD AVE; 202,204-208 W BIGELOW ST; 246-248, 298-304,306-312, 314-336 BADGER AVE; SALE/REDEVELOPMENT-06 BLK/LTS 2703/6-9,16,17,19,20,69,70,72,73, 2718/1,7 -9.11,12,15,19,62,66,70, FOR $549,566.40 @$4.00 SQ. FT. CONST. OF MARKET RATE HOUSING; SALE/REDEVELOPMENT-06 BLK/LTS 2703/6-9,16,17,19,20,69,70,72,73, 2718/1,7 -9.11,12,15,19,62,66,70, FOR $549,566.40 @$4.00 SQ. FT. CONST. OF MARKET RATE HOUSING]