Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( X ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Amend Resolution 7R3-c(S) 042313, the Amended and Restated Redevelopment Agreement with Old Third Redevelopment, LLC, to adjust the purchase price for the property sold in Phase I from $1,920,000.00 to $1,425,000.00 and further clarify the terms and conditions of the purchase and sale of the Property as set forth in Section 3.2(a)(iii) of the Amended and Restated Redevelopment Agreement.
Entity Name: Old Third Ward Redevelopment, LLC
Entity Address: 3 East Stow Road, Marlton, New Jersey 08053
Sale Amount: $3,712,000.00, (Phase I $1,920,000.00 & Phase II $1,792,000.00) subject to the Terms and Conditions of the Purchase and Sale as set forth in Section 3.2(a)(iii) of the Amended and Restated Redevelopment Agreement, authorized by Resolution 7R3-c(s) 042313
Cost Basis: ( ) $2.00 PSF ( x ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $14,639,200.00
Appraised Amount: Phase I $1,425,000.00
Contract Period: Within eighteen (18) months of the commencement of both Phase I and II
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)
1-55 Somerset Street /Block 2556/ Lot 1/Central Ward
136-146 Spruce Street /Block 2556/ Lot 61/Central Ward
28-82 Barclay Street /Block 2556/ Lot 62/Central Ward
84-140 Barclay Street /Block 2563/ Lot 1/Central Ward
135-145 Spruce Street /Block 2563/ Lot 75/Central Ward
57-117.5 Somerset Street /Block 2563/ Lot 76/Central Ward
Additional Information:
Resolution 7R3-A(S) 112911; authorized Redevelopment Agreement with Old Third Ward Redevelopment, LLC
Resolution 7R3-c(S) 042313 auth...
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