Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: First Amendment to Agreement for the Sale and Redevelopment of Land to Creative Development Real Estate, LLC, to change the Project Description for 861-865 South 12th Street.
Entity Name: Creative Development Real Estate, LLC
Entity Address: 732 Bergen Street, Newark, New Jersey 07108
Sale Amount: $54,750.00
Cost Basis: (X) $6.00PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $81,300.00
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)
732 Bergen Street/Block 2707/Lot 50/South Ward
861-865 South 12th Street/Block 3008/Lot 65/South Ward
Additional Information:
Resolution 7R2-a adopted on September 2, 2020, 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 for 861-865 South 12th Street. The Certificate of Completion has been issued for 732 Bergen Street as that project has been completed.
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WHEREAS, on September 2, 2020 the Newark Municipal Council adopted Resolution 7R2-a (the "Original Resolution"), which 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"), for the sale of the following City-owned properties ...
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