Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Redevelopment Agreement
Entity Name: Atlantic Street Fidelco, LLC
Entity Address: 225 Millburn Avenue, Suite 202, Millburn, NJ., 07041
Sale Amount: $275,000.00 (land sale), $1.00 (easement);
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( X ) Other:Fair Market Value
Assessed Amount: N/A
Appraised Amount: N/A
Contract Period: N/A
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)
472 Broad Street,Block 25, Lot 18 and a portion of 468-470 Broad Street, Block 25, Lot 20 (Central Ward)
Additional Information:
Resolution 7R3-g 070208: Settlement Agreement Bergen Clinton Market, LLC
Ordinance 6PSF-e 092111: NJ Transit Sale Contract
Ordinance 6PSF-d 092111: Atlantic Street Right-of-Way
Ordinance 6PSF-A 050411: Pay-to-Play Policy for Developers
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WHEREAS, the entire territory of the City of Newark (the “City”) has been designated as an “area in need of rehabilitation” in accordance with the provisions of N.J.S.A. 40A:12A-14 of the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq. (the “LRHL”); and
WHEREAS, following the “area in need of rehabilitation” designation, the Municipal Council adopted the Broad Street Station District Redevelopment Plan dated October 22, 2008, amended December 3, 2008 (collectively, the “Redevelopment Plan”), that includes within it the parcels of real property identified on the City’s tax map as Block 25, Lot 18 and a portion of Lot 20, as more fully described herein, and all buildings, structures and improvements thereon (collectively, the “NJ Transit Property”)...
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