Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Redevelopment project for residential, retail, and offices uses
Entity Name: Newark Waterfront Associates, LLC.
Entity Address: 120 Albany Street, New Brunswick, New Jersey 08901
Sale Amount: $1,250,000.00
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $
Appraised Amount: $
Contract Period: N/A
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)
10-18 Passaic Place/Block 1/Lots 30
930 McCarter Highway/Block 1/Lots 46
Additional Information:
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WHEREAS, on June 15, 2005, the Municipal Council of the City of Newark designated the entire City of Newark as an area in need of rehabilitation in accordance with the provisions of the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et. seq. ("LRHL"); and
WHEREAS, on August 7, 2013, the Municipal Council of the City of Newark (the "City") adopted Ordinance 6PSF-I approving the Newark's River: Public Access and Redevelopment Plan (the "Redevelopment Plan"); and
WHEREAS, on June 26, 2016, the City and Boraie Development, LLC (also known as Newark Waterfront Associates, LLC or "Redeveloper" ) entered into a Settlement Agreement, where the City agreed to designate the Redeveloper, the designated redeveloper for real property commonly known as 10-18 Passaic Place and 930 McCarter Highway and identified on the Tax Maps of the City of Newark as Block 1, Lots 30 and 46 (the Property), as a result of litigation filed related to the Newark Downtown Core Redevelopment P...
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