Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Third Amendment to the Agreement for a Redevelopment project for residential, retail and office uses (Central Ward)
Entity Name: Passaic-Clay Urban Renewal, LLC.
Entity Address: 250 Passaic Street, Newark, New Jersey 07104
Sale Amount: $1,130,000.00 (subject to decrease for costs & expenses)
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: Unknown
Appraised Amount: $1,130,000.00
Contract Period: No later than 270 days from the date construction has begun, subject to reasonable extensions and NJDEP approval of remedial action workplan.
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
Additional Information:
Original Redevelopment Agreement was authorized by Resolution 7Rbw (AS) on October 2, 2002. The First Amendment to the Redevelopment Agreement was authorized by Resolution 7Rev, adopted on September 15, 2004. The Second Amendment to the Resolution was authorized by 7Re(AS), adopted on April 25, 2006.
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WHEREAS, the City by Ordinance 6S&FA February 20, 2002, adopted the Passaic Street/Clay Street Redevelopment Plan for Block 435 and Lots 5, 10, 15, and 21 (the "Property"), to facilitate redevelopment of the Property for commercial and industrial use in accordance with the Redevelopment Plan and more particularly for warehouse and distribution center use; and
WHEREAS, the then Mayor and then Deputy Mayor/Director of Economic and Housing Development entered into and executed as of December 31, 2002, on behalf of the City of Newark, a contract for the redevelopment and sale of Property, under the terms and conditions of the Agreemen...
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