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 and Recognition Agreement in order to permit the Redeveloper to obtain the financing necessary for the development of a new five-story mixed-use building
Entity Name: S.A.T. Urban Renewal Entity, LLC
Entity Address: 156 Elizabeth Avenue, Newark, New Jersey 07108
Sale Amount: $55,300.00
Cost Basis: ( X ) $ 10.00 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)
142-144 Elizabeth Avenue/Block 2776/ Lot 8.01/South Ward
Additional Information:
Resolution 7R2-f adopted on July 22, 2020, designating S.A.T. Urban Renewal Entity, LLC, as the redeveloper and authorizing an Agreement for the Sale and Redevelopment of Land.
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WHEREAS, pursuant to Resolution 7R2-f adopted on July 22, 2020, the Newark Municipal Council ("Municipal Council") authorized the Mayor and/or his designee 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 S.A.T. Urban Renewal Entity, LLC, 156 Elizabeth Avenue, Newark, New Jersey 07108 ("Redeveloper") to effectuate the sale of City of Newark ("City") owned real property located at 144 Elizabeth Avenue and 142 Elizabeth Avenue, Newark, New Jersey and identified on the official tax map of the City as Block 2776, Lots 8 and 9, now known as 142-144 E...
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