Title
Dept/ Agency: Economic & Housing Development
Action: ( X ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: First Amendment to Redevelopment Agreement
Entity Name: Carrino Plaza Apartments, LLC
Entity Address: 1055 Saw Mill River Road, Suite 204, Ardsley, New York 10502
Sale Amount: N/A
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( ) Other: N/A
Assessed Amount: N/A
Appraised Amount: N/A
Contract Period: N/A
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)
416-426 Broadway/Block 613/ Lot 1/ North Ward
Additional Information:Resolution 7R3-I 102913; designated Carrino Plaza Apartments, LLC as the redeveloper of the property
body
WHEREAS, the City of Newark (the "City") owns the land rights to certain real property located at 416-426 Broadway, Newark, New Jersey 07104 and identified on the official tax map of the City as Block 613, Lot 1 (the "Land"); and
WHEREAS, the Boys & Girls Club of Newark, Inc. (the "BGCN") owns the improvements located on the Property (the "Improvements") and leases the Land from the City pursuant to a lease agreement between the City and BGCN approved by the Municipal Council through Resolution 7RE 110106 (the " BGCN Lease"); and
WHEREAS, Carrino Plaza Apartments, LLC, a limited liability company organized under the laws of the State of New Jersey having an address of 1055 Saw Mill River Road, Suite 204, Ardsley, New York 10502 (the "Redeveloper"), has indicated that it wants to acquire title to the Land and the Improvements (collectively, the "Property") in order to construct a redevelopment project consisting of approximately 60 Af...
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