Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Subordination Agreement
Purpose: Subordinate City’s reverter rights to the lien of a mortgage for property conveyed by the City to a non-profit, which is subject to certain conditions.
Entity Name: Newark Community Health Centers, Inc.
Entity Address: 741 Broadway, Newark, New Jersey 07104
Lender’s Name: Reinvestment Fund, Inc.
Lender’s Address: 1700 Market Street, 19th Floor, Philadelphia, Pennsylvania 19103
Contract Period: N/A
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: (If applicable)
(Address/Block/Lot/Ward)
737-749 Broadway and 57 Grafton Avenue, Block 772, Lots 1,6 & 56/North Ward
Additional Information:
Sale of property was made pursuant to Ordinance 6PSF-F, adopted on June 2, 2010, to be used as a non-profit Federally Qualified Healthcare Center.
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WHEREAS, pursuant to Ordinance 6PSF-F, adopted on June 2, 2010, the sale of City owned property located at 737-749 Broadway and 57 Grafton Avenue, Newark, New Jersey, 07104, as shown on the official tax map of the City as Block 772, Lots 1, 6 and 56 (the “Property”) to Newark Community Health Centers, Inc. (“NCHC”) for use as a federally qualified health care center; and
WHEREAS, such sale was authorized pursuant to N.J.S.A. 40A:12-21(c), which requires that such conveyance be subject to the condition that the NCHC use the Property as a non-profit hospital and should the NCHC cease such use, that title to the Property revert back to the City (the “Reverter Right”); and
WHEREAS, an additional condition of such sale was that NCHC construct a 15,683 square foot addition to the facility located on the Prope...
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