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 Beacon Development Partners, LLC to amend the Project Scope
Entity Name: Beacon Development Partners, LLC
Entity Address: 275-277 16th Avenue, C2, Newark, New Jersey 07103
Sale Amount: $142,717.26
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $291,700.00
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)
375-377 South 20th Street/Block 1789/Lot 11/West Ward
16-18 Ferdinand Street/Block 1789/Lot 49/West Ward
8-14 Ferdinand Street/Block 1789/Lot 51/West Ward
376 Grove Street/Block 1789/Lot 55/West Ward
Additional Information:
Resolution 7R2-e, adopted on May 4, 2022, authorized the Private Sale/Redevelopment pursuant to the Agreement for the Sale and Redevelopment of Land.
The Developer received ownership of 16-18 Ferdinand Street, 8-14 Ferdinand Street and 376 Grove Street via QuitClaim Deed on May 13, 2024.
This Resolution authorizes a First Amendment to the Agreement for the Sale and Redevelopment of Land to amend the Project Scope.
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WHEREAS, on May 4, 2022, the Newark Municipal Council adopted Resolution 7R2-e (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 ("Original A...
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