Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: First Amendment to the Agreement for the Sale and Redevelopment of Land, to Rising Plains 570 LLC, to amend the Scope of the Project
Entity Name: Rising Plains 570 LLC
Entity Address: 1515 Morris Place, Hillside, New Jersey 07205-0720
Sale Amount: $115,206.84
Cost Basis: (X) $7.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $328,200.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) 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)
497-499 Bergen Street/Block 2611/Lots 29, 30 and 36/Central Ward
509-513 Bergen Street/Block 2611/Lot 32/Central Ward
507 Bergen Street/Block 2611/Lot 33/Central Ward
215 Rose Street/Block 2611/Lot 38/Central Ward
Additional Information:
Resolution 7R2-a, adopted on February 7, 2024, 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 amend the Scope of the Project.
Failed 7R2-b (s) 121024
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WHEREAS, on February 7, 2024, the Newark Municipal Council adopted Resolution 7R2-a (the "Original Resolution"), which 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"), for the sale of the following City-owned property (the "Property"), to Rising Plains 570 LLC, 151...
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