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 Sale and Redevelopment of Land and a Subordination Agreement in order to permit the Redeveloper to obtain financing, necessary for the rehabilitation of property to create an East Ward Affordable Housing Program
Entity Name: Community Asset Preservation Corporation
Entity Address: 100 Albany Street, Suite 250, New Brunswick, New Jersey 08901
Sale Amount: $3,360.00
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)
43 Cortland Street/Block 2483/Lot 40/East Ward
43 1/2 Cortland Street/Block 2483/Lot 60/East Ward
Additional Information:
Resolution 7R3-a (s) adopted on March 11, 2014 authorized the for Agreement for the Sale and Redevelopment of Land for 43 1/2 Cortland Street.
Resolution 7R2-e (s) adopted on May 24, 2022, authorized the Agreement for the Sale and Redevelopment of Land for 43 Cortland Street.
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WHEREAS, pursuant to Resolution 7R3-a (s) adopted on March 11, 2014, the Newark Municipal Council ("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 (the "Agreement") with Community Asset Preservation Corporation, 59 Lincoln Park, Suite 50, Newark, New Jersey 07102 ("Redeveloper"), for the sale of City owned property located and identified on the off...
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