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 DCF Developers, LLC to change the property description to the new construction of four (4) three-family homes to provide twelve (12) three-bedroom units of which two (2) units shall be restricted to tenants at 80% Area Median Income ("AMI"), one (1) units shall be restricted to tenants at 60% AMI and the other nine (9) units will be market rate.
Entity Name: DCF Developers, LLC
Entity Address: 162 South 8th Street, Apartment 3, Brooklyn, New York 11211
Sale Amount: $131,040.00
Cost Basis: (X) $13.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $158,600.00
Appraised Amount: N/A
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
233 South 10th Street/Block 1814/Lot 29/West Ward
235 South 10th Street/Block 1814/Lot 30/West Ward
476 Avon Avenue/Block 2643/Lot 7/South Ward
474 Avon Avenue/Block 2643/Lot 8/South Ward
Additional Information:
Resolution 7R2-d adopted on November 7, 2024, 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 Scope of Project due to a removal of one of the properties from the Preliminary Designation Letter.
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WHEREAS, on November 7, 2024 the Newark Municipal Council adopted Resolution 7R2-d (the "Original Resolution"),...
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