Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Authorizing the execution of the First Amendment of the Agreement for the Sale of Land and Redevelopment of 140-166 Raymond Boulevard and related Access Agreement.
Entity Name: 140 Raymond Urban Renewal LLC
Entity Address: 494 Broad Street, Newark, New Jersey 07102
Sale Amount: $3,200,000.00, subject to certain credits as set forth in the Agreement
Cost Basis: ( ) PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $0.00
Appraised Amount: $0.00
Contract Period: Construction shall commence no later than six (6) months from closing and completed within twenty-four (24) months from commencement of construction
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)
140-166 Raymond Boulevard /Block 5002/Lots 3, 5, 14, and 16/East Ward
Additional Information:
body
WHEREAS, in or about May 2002, the City of Newark (the "City") and BayBar Development, LLC, (the "Redeveloper") (collectively, the "Parties"), executed an Agreement for the Sale of Land and Redevelopment of 140-166 Raymond Boulevard (the "Redevelopment Agreement," a copy of which is attached hereto as Attachment A) which was authorized by Resolution 7Ra(S) adopted by the Municipal Council of the City of Newark (the "Municipal Council") on May 29, 2002, in connection with the redevelopment of certain properties pursuant to the Bayonne Barrel Redevelopment Plan (all capitalized terms used herein and not otherwise defined shall have the meaning set forth within the Redevelopment Agreement); and
WHEREAS, the Redevelopment Agreement provides for the conveyance, from the City to the Re...
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