Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Ratify and Authorize a First Amendment to the Redevelopment Agreement, authorized pursuant to Resolution 7R2-b(S), adopted on January 10, 2017, with Claremont Properties, Inc., 49 Route 202, Far Hills, New Jersey 07931, to extend the Due Diligence Period for an additional one (1) year period and authorize the Acting Director of the Department of Economic and Housing Development to grant an additional two (2) six (6) month extensions of the Due Diligence Period, if necessary
Entity Name: Claremont Properties, Inc.
Entity Address: 49 Route 202, Far Hills, New Jersey 07931
Sale Amount: $2,794,000.00
Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A (X) Other: Appraisal
Assessed Amount: $0.00
Appraised Amount: $2,800,000.00
Contract Period: To commence within three (3) months of execution and completed within twenty-four (24) months of execution
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)
13-15 Lock St./Block 2836/Lots 17,18/Central Ward
23 Lock St./Block 2836/Lot 22/Central Ward
25 Lock St./Block 2836/Lot 23/Central Ward
235 Central Ave./Block 2836/Lots 25, 34/Central Ward
29 Lock St./Block 2836/Lot 26/Central Ward
31 Lock St./Block 2836/Lot 27/Central Ward
33 Lock St./Block 2836/Lot 28/Central Ward
229-233 Central Ave./Block 2836/Lots 29, 33/Central Ward
37 Lock St./Block 2836/Lot 30/Central Ward
237-241 Central Ave./Block 2836/Lots 35, 36/Central Ward
243-245 Central Ave./Block 2836/Lot 37/Central Ward
247-9 Central Ave./Block 2836/Lot 39/Central Ward
34 Dey St./Block 2836/Lot 40/Central Ward
32 Dey St./Block 2836/Lot 41/Central Ward
30 Dey St./Block 2836/Lot 42/Central Ward
26-28 Dey St./Block 2836/Lot 43/Central Ward
10-24 Dey St./Block 2836/Lot 44/Central Ward
Additional Information:
Resolution 7R2-b(s) adopted on January 10, 2017
Deferred 7R2-a (s) 051518
Deferred 7R2-c 052318
Deferred 7R2-a (s) 053018
body
WHEREAS, Resolution 7R2-b(s) adopted on January 10, 2017, authorized the Mayor and/or his designee the Acting Director of Economic and Housing Development to enter into and execute a redevelopment agreement with Claremont Properties, Inc., for the private sale and redevelopment of the following City-owned properties for the purpose of constructing a mixed-use project consisting of office space, collegiate space, retail, parking, and such other purposes as may be approved by the (“Redevelopment Agreement”):
ADDRESS WARD BLOCK LOT(S) SQ. FEET
13-15 Lock Street Central 2836 17,18 46.10x159
23 Lock Street Central 2836 22 30x147
25 Lock Street Central 2836 23 30x143.8
235 Central Avenue Central 2836 25,34 30x100
29 Lock Street Central 2836 26 25x100
31 Lock Street Central 2836 27 25x100
33 Lock Street Central 2836 28 30x100
229-233 Central Avenue Central 2836 29,33 70x60
37 Lock Street Central 2836 10 30x60
237-241 Central Avenue Central 2836 35,36 60x156.9
243-245 Central Avenue Central 2836 37 59.5x101
247-9 Central Avenue Central 2836 39 50x90
34 Dey Street Central 2836 40 16.3x43.9
32 Dey Street Central 2836 41 15.8x50
30 Dey Street Central 2836 42 21.6x50
26-28 Dey Street Central 2836 43 38.3x115
10-24 Dey Street Central 2836 44 240x114.7
WHEREAS, the City of Newark is currently occupying the above-referenced properties necessary for the aforementioned redevelopment by Claremont Properties, Inc. and the City will not be able to vacate said properties in a timely manner to allow the Redeveloper to do their Due Diligence in the time set forth in the Redevelopment Agreement; and
WHEREAS, to resolve the above issue, the parties have agreed to amend the Redevelopment Agreement to extend the Redeveloper’s Due Diligence Period for an additional one-year period and to authorize the Acting Director of the Department of Economic and Housing Development to grant an additional two (2) six-month extensions of the Due Diligence Period, if necessary.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Mayor and/or his designee the Acting Director of the Department of Economic and Housing Development are hereby ratified and authorized to enter into a First Amendment to the Redevelopment Agreement, in the form attached hereto, with Claremont Properties, Inc., 49 Route 202, Far Hills, New Jersey 07931, to extend the Redeveloper’s Due Diligence Period for an additional one-year period and authorize the Acting Director of the Department of Economic and Housing Development to grant an additional two (2) six-month extensions of the Due Diligence Period, if necessary.
2. The Redeveloper shall have thirty (30) days from the date of this Resolution to execute the attached First Amendment to the Redevelopment Agreement and return same to the Department of Economic and Housing Development. Should the Redeveloper fail to execute and return the attached contract within this thirty (30) day time period, the authorization provided by this Resolution shall be null and void unless the Acting Director of the Department of Economic and Housing Development agrees to extend this thirty (30) day time period.
3. The Acting Director of the Department of Economic and Housing Development shall place a copy of this resolution and fully executed First Amendment to the Redevelopment Agreement, authorized by this resolution, on file in the Office of the City Clerk.
4. All other terms of Resolution 7R2-b(S), adopted on January 10, 2017 and the Redevelopment Agreement shall remain in full force and effect, to the extent not otherwise amended herein.
STATEMENT
Resolution ratifies and authorizes the Mayor and/or his designee, the Acting Director of the Department of Economic and Housing Development to enter into a First Amendment to the Redevelopment Agreement, in the form attached hereto, with Claremont Properties, Inc., 49 Route 202, Far Hills, New Jersey 07931, to extend the Redeveloper’s Due Diligence Period for an additional one-year period and authorize the Acting Director of the Department of Economic and Housing Development to grant an additional two (2) six-month extensions of the Due Diligence Period, if necessary.