Title
Dept/ Agency: Economic & Housing Development
Action: (X) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Subordination agreement the City's reverter rights to permit financing necessary to significantly rehabilitate.
Entity Name: Bank of America, N.A.
Entity Address: 208 Harrison Road, Glen Rock, NJ 07106
Amount: $9,657,576.00
Contract Period: January 1, 2015 through December 31, 2015
List of Property:
(Address/Block/Lot/Ward)
737-749 Broadway and 57 Grafton Avenue, Newark, NJ/ Block 772/ Lots 1, 6 and 56/ North Ward.
Additional Information:
Resolution authorizing the Mayor and/or Deputy Mayor/Director of the Department of Economic and Housing Development to subordinate the City's reverter rights to permit financing necessary to significantly rehabilitate the property located 737-749 Broadway and 57 Grafton Avenue, Newark, New Jersey, as shown on the official tax map of the City as Block 772, Lots 1, 6 and 56, located in the North Ward, for use as a non-profit federally qualified health care center.
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WHEREAS, pursuant to Ordinance 6PSF-F adopted on June 2, 2010 the Mayor and the Deputy Mayor/Director of the Department of Economic and Housing Development were authorized to enter into and execute an agreement for the sale of the City owned property located at 737-749 Broadway and 57 Grafton Avenue, Newark, New Jersey, as shown on the official tax map of the City as Block 772, Lots 1, 6 and 56 (the "Property") to Newark Community Health Center ("NCHC") for use as a federally qualified health care center was authorized; 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 ...
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