Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Second Amendment to Redevelopment Agreement with Carrino Plaza Apartments, LLC
Entity Name: Carrino Plaza Apartments, LLC
Entity Address: 1055 Saw Mill River Road, Suite 204, Ardsley, New York 10502
Sale Amount: $800,000.00 ($80,000 cash plus $720,000.00 mortgage in favor of the City)
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $
Appraised Amount: $
Contract Period: Term of Loan is Forty-Two (42) years
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)
416-426 Broadway/Block 613/Lot1/North Ward
Additional Information:
Resolution 7R3-i 102913, Authorized Sale and Redevelopment Agreement
Resolution 7R3-c 021914, Authorized First Amendment To RDA Agreement
Resolution 7R3-h 102913, Authorized the Tax Abatement Agreement
Resolution 7R3-a(S) 112415, Authorized Subordination Agreement
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WHEREAS, the City of Newark (the "City") owns the land rights to certain real property located at 416-426 Broadway, Newark, New Jersey 07104 and identified on the official tax map of the City as Block 613, Lot 1 (the "Land"); and
WHEREAS, the Boys and Girls Club of Newark, Inc. (the "BGCN") owns the improvements located on the property (the "Improvements") and leases the Land from the City pursuant to a lease agreement between the City and BGCN approved by the Municipal Council through Resolution 7Re November 6, 2006 (the "BGCN lease")
WHEREAS, Carrino Plaza Apartments, LLC, a limited liability company organized und...
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