Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Redevelopment Agreement
Purpose: Third Amendment to Redevelopment Agreement
Entity Name: Old Third Ward Redevelopment, LLC
Entity Address: 3 East Stow Road, Marlton, New Jersey 08053
Contract Amount: $0.00
Development Agreement Term: N/A
City Contribution to Development Project: ( ) Grant or Loan ( ) Guarantee
(X) None ( ) Other
Developer Investment: $3,712,000.00
Developer Third-Party Financing
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)
134-148 Spruce Street/Block 2556/Lot 1.01/Central Ward
135-145 Spruce Street/Block 2563/Lot 75/Central Ward
Additional Information:
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WHEREAS, on November 29, 2011, the Municipal Council of the City of Newark adopted Resolution 7R3-a(S) (a) designating Old Third Ward Redevelopment, LLC, 3 East Stow Road, Marlton, New Jersey 08053 (the "Redeveloper") as the redeveloper of the parcels of real property commonly known as the Douglas Harrison parcels and identified on the tax maps of the City of Newark as Block 2556, Lots 1, 61 and 62 and Block 2563, Lots 1, 75 and 76 (the "Property"); and (b) authorized the Mayor and the Interim Deputy Mayor/Director of the Department of Economic and Housing Development to enter into a redevelopment agreement setting forth the terms and conditions by which the Redeveloper will redevelop the Property and undertake the Project (the "Original Agreement"); and
WHEREAS, on April 23, 2013, the Municipal Council adopted Resolution 7R3-c(S) modifying the Original Agreement by modifying certain business terms and conditions and authorized the Mayor and the Interim Deputy Mayor/Director o...
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