Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Subordination Agreement
Purpose: An Agreement to Subordinate the City of Newark's Reverter Rights by entering into a Subordination Agreement in order to permit the Redeveloper to obtain the financing necessary for the redevelopment of the property as rental or for-sale owner-occupied housing
Entity Name: 40 Mt Pleasant Ave JJC, LLC
Entity Address: 40 Mount Pleasant Avenue, Newark, NJ 07104
Sale Amount: $126,500.00
Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other:
Assessed Amount: N/A
Appraised Amount: N/A
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)
40 Mt. Pleasant Avenue/Block 571/Lot 41/North Ward
Additional Information:
Resolution 7R2-e (as) adopted on September 16, 2020, authorized the Sale of Land through the City's Land Auction Sale.
body
WHEREAS, pursuant to Resolution 7R2e (as) adopted on September 16, 2020, the Mayor and/or his designee and the Deputy Mayor/Director of the Department of Economic and Housing Development were authorized to execute a Quitclaim Deed to effectuate the sale of land owned by the City of Newark ("City") located at 40 Mount Pleasant Avenue, Newark, New Jersey and identified on the official tax map of the City as Block 571, Lot 41 ("Property"), to 40 Mt. Pleasant Ave JJC, LLC, for a purchase price of One Hundred Twenty-Six Thousand Five Hundred Dollars and Zero Cents ($126,500.00) for the redevelopment of the Property as rental or for sale as owner occupied ("Project"); and
WHEREAS, the sale of the Property was conducted through auction, authorized by Resolution 7R2-h(s) adopted on August 11, 2020, pursuant t...
Click here for full text