Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( x ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To Amend the Redevelopment Agreement between the City and 36-54 Rector Street, LLC ,in order to modify the Project, revise the amount and method of satisfying the PLA Increase, revise the method of payment of the Purchase Price for the Property, and to amend certain deadlines relating to the sale and redevelopment of the Property
Entity Name: 36-54 Rector, L.L.C.
Entity Address: 36-54 Rector Street, Newark, New Jersey
Sale Amount: $2, 750,000.00
Cost Basis: ( ) $ PSF ( x ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $
Appraised Amount: $
Contract Period: Construction Start Date - no later than May 2013 and completed within 24 months of start date.
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
36-54 Rector Street, Newark, New Jersey; Block 17, Lot 26
Additional Information:
Resolution 7R7-n 080608 , designated 36-54 Rector, LLC. as the redeveloper of the property 36-54 Rector Streeet
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WHEREAS, on August 6, 2008, the Municipal Council of the City of Newark (the “Municipal Council”) adopted Resolution 7R7-n 080608 designating 36-54 Rector, L.L.C. as the redeveloper of the property commonly known as 36-54 Rector Street and identified on the tax map of the City of Newark as Block 17, Lot 26 (the “Property”) and authorizing the Mayor and the Deputy Mayor/Director of the Department of Economic and Housing Development to enter into a redevelopment agreement with 36-54 Rector, L.L.C. for the sale and rehabilitation of the Property; and
WHEREAS, ...
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