Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Redevelopment Agreement (RDA)
Purpose: Assignment and Assumption of RDA Agreement
Entity Name: Daybreak Express, Inc.
Entity Address: 500 Avenue P, Newark, NJ 07105
Contract Amount: N/A
Funding Source: : N/A
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
Additional Information:
Site location 411-443 Wilson Avenue/Block 5020/Lot 98
Resolution 7RBT (A.S.) 010902 authorized redevelopment agreement between the City and Northern Real Estate, LLC
body
WHEREAS, on January 9, 2002, the Newark Municipal Council adopted Resolution 7RBT (A.S.) approving a certain Agreement for the Sale of Land and Redevelopment of Wilson Avenue, which was fully executed on July 19, 2002, (the "Redevelopment Agreement"), by and between the City and Northern Real Estate, LLC, c/o Emar Group, 354 Eisenhower Parkway Plaza I, Livingston, New Jersey 07039, ("Northern"); and
WHEREAS, the Redevelopment Agreement provides for, inter alia, Redeveloper's acquisition and redevelopment of the property designated as Block 5020, Lot 98 on the Official Map of the City and with a street address of 411-443 Wilson Avenue, Newark, New Jersey; and
WHEREAS, Pursuant to Section 601 of the Redevelopment Agreement, Northern may assign its rights, title and interests under the Redevelopment Agreement with the City's consent; and
WHEREAS, the Redeveloper desires to assign its rights, title and interest in the Redevelopment Agreement to Daybreak Express, Inc., 500 Avenue P, Newark, New Jersey 07105, ("Daybreak"); and
WHEREAS, the City desires to consent to the assignment of th...
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