Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Subordination Agreement
Purpose: An Agreement to Subordinate the City of Newark's Reverter Rights by entering into a First Amendment to Agreement for the Sale and Redevelopment of Land and a Subordination Agreement in order to permit the Redeveloper to obtain the financing necessary for the development of three (3) two-family homes for sale
Entity Name: Washington Bay Group I, LLC
Entity Address: 811 Clinton Avenue, Newark, New Jersey 07108
Sale Amount: N/A
Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other:
Assessed Amount: N/A
Appraised Amount: N/A
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)
699 South 11th Street/Block 2618/Lot 36/South Ward
701 South 11th Street/Block 2618/Lot 37/South Ward
697 South 11th Street/Block 2618/Lot 73/South Ward
Additional Information:
Resolution 7R2-b adopted on April 10, 2024, designating Washington Bay Group I, LLC, as the redeveloper and authorizing an Agreement for the Sale and Redevelopment of Land under the Equitable Investments in Newark Communities Program
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WHEREAS, pursuant to Resolution 7R2-b adopted on April 10, 2024, the Newark Municipal Council ("Municipal Council") authorized the Mayor and/or his designee and the Deputy Mayor/Director of the Department of Economic and Housing Development to enter into and execute an Agreement for the Sale and Redevelopment of Land ("Agreement") with Washington Bay Group I, LLC, 811 Clinton Avenue, Newark, New Jersey 07108 ("Redeveloper") to effectuate the sale of City of Newark ("City") owned real property located at 699 South 11th Street, 701 South 11th Street, and 697 Sout...
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