Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment/Subordination Agreement
Purpose: An Agreement to subordinate the City's Reverter Rights by entering into a First Amendment to the Agreement for Sale and Redevelopment of Land and a Subordination Agreement in order to permit financing necessary for the redevelopment of rental or for-sale owner-occupied housing
Entity Name: Ascension Capital Partners I, LLC
Entity Address: 59 Lincoln Park, Suite 200, Newark, New Jersey 07102
Sale Amount: $116,099.20
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)
529 Springfield Avenue/Block 2614/Lot 1/South Ward
527 Springfield Avenue/Block 2614/Lot 2/Additional Lot 34/South Ward
521 Springfield Avenue/Block 2614/Lot 5/South Ward
461 18th Avenue/Block 2614/Lot 7/South Ward
459 18th Avenue/Block 2614/Lot 8/South Ward
457 18th Avenue/Block 2614/Lot 9/South Ward
15 Brenner Street/Block 2614/Lot 28/South Ward
9-11 Brenner Street/Block 2614/Lot30/Additional Lot 31/South Ward
608 South 10th Street/Block 2614/Lot 32/South Ward
606 South 10th Street/Block 2614/Lot 33/South Ward
Additional Information:
Resolution 7R2-b adopted on October 24, 2018, authorized the Private Sale/Redevelopment Agreement.
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WHEREAS, pursuant to Resolution 7R2-b adopted on October 24, 2018 the Mayor and the Deputy Mayor/Director of the Department of Economic and Housing Development were authorized to enter into and execute an Agreement for the Sale and Redevelopment of Land ("Redevelopment Agreement") with Ascension Capital ...
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