Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To authorize the execution of a Redevelopment Agreement with Brandywine Acquisition and Development, LLC, as the designated redeveloper of the Traffic and Signals Facility, as part of a public-private partnership entered into under the Local Redevelopment and Housing Law.
Entity Name: Brandywine Acquisition and Development, LLC
Entity Address: 2 Ponds Edge Drive, Chadds Ford, Pennsylvania 19317
Sale Amount: $322,955.00
Cost Basis: ( ) PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $5,348,700.00
Appraised Amount: $0.00
Contract Period: Project Schedule attached as Exhibit D to the Redevelopment Agreement
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)
361-377 Irvine Turner Boulevard/Block 2675/Lot 1/South Ward
81-83 Hillside Avenue/Block 2675/Lot 25/South Ward
379-383 Irvine Turner Boulevard/Block 2675/Lot 46/South Ward
Additional Information:
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WHEREAS, on June 15, 2005, pursuant to Municipal Council Resolution 7Rdo(AS), the entire City of Newark was designated an "area in need of rehabilitation" as defined by the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., including the Lots located at 361-377 Irvine Turner Boulevard, 379-383 Irvine Turner Boulevard and 81-83 Hillside Avenue, also known as Block 2675, part of Lot 1 and Lots 25, and 46 on the Official Tax Map of the City of Newark ("Property"); and
WHEREAS, on July 8, 2021, pursuant to Ordinance 6PSFb, the City of Newark adopted the Irvine Turner Boulevard and Central Avenue Red...
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