Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing (X) Amending
Type of Service: Redevelopment Agreement
Purpose: Third Amendment to Redevelopment Agreement
Entity Name: Old Third Ward Redevelopment, LLC
Entity Address: 2 Cooper Street, 14th Floor, Camden, New Jersey 08102
Contract Amount: $3,345,000.00
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property:
(Address/Block/Lot/Ward)
134-148 Spruce Street/Block 2556/Lot 1.01/Central Ward
25-49 Somerset Street/Block 2556/Lot 1.02/Central Ward
1-23 Somerset Street/Block 2556/Lot 1.03/Central Ward
84-140 Barclay Street/Block 2563/Lot 1/Central Ward
135-145 Spruce Street/Block 2563/Lot 75/Central Ward
57-117 Somerset Street/Block 2563/Lot 76/Central Ward
Addition Information:
- Resolution 7R3-a (s) adopted on November 29, 2011 - Redevelopment Agreement
- Resolution 7R3-c (s) adopted on April 23, 2013 - First Amended Redevelopment Agreement
- Resolution 7R3-d (as) adopted on March 19, 2014 - Amendment to purchase price of the Property sold in Phase I from $1,920,000.00 to $1,425,000.00
- Resolution 7R2-a adopted on April 3, 2019 authorizing a Second Amendment to the Redevelopment Agreement
body
WHEREAS, subsequent to the effective date of Resolution 7RDO (A.S.) 061505, the City undertook a program for the clearance, redevelopment and rehabilitation of blighted areas in the City in furtherance of the objectives of the Act, including, among other things, the adoption of Ordinance 6PSF-E, adopted October 5, 2011, approving a Twentieth Amendment to the previously adopted Old Third Ward Urban Renewal Plan (as amended, the "Redevelopment Plan") for various City-owned parcels located throughout the entire Central Ward; and
WHEREAS, the City is the owner of several...
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