Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: An Agreement to subordinate the City of Newark's Reverter Rights by entering into a First Amendment to the Agreement for the Sale and Redevelopment of Land and a Subordination Agreement in order to permit the Redeveloper to obtain financing necessary for the redevelopment of affordable rental or for-sale housing.
Entity Name: 2-24 Mt Pleasant URE, LLC
Entity Address: 411 Boulevard of the Americas, Suite 211, Lakewood, New Jersey 08701
Sale Amount: $0.00
Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other:
Assessed Amount: $0.00
Appraised Amount: $0.00
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)
2-24 Mount Pleasant Avenue/Block 571.01/Lot 1/North Ward
Additional Information:
Resolution 7R2-c adopted on January 21, 2021, designated Newark Interfaith, LLC, as the redeveloper and authorized an Agreement for the Sale and Redevelopment of Land.
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WHEREAS, pursuant to Resolution 7R2-c adopted on January 21, 2021, the Newark Municipal Council (the "Municipal Council") authorized the Mayor 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 Newark Interfaith, LLC, One Gateway Center, Suite 2600, Newark, New Jersey 07102 (the "Redeveloper") for the sale of City-owned real property located at 2-24 Mount Pleasant Avenue, Newark, New Jersey, and identified on the official tax map of the City of Newark as Block 571.01; Lot 1 (the "Property"), for a purchase price of Three Hundred Thirty-Eight Thousand ...
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