Title
Dept/ Agency: Economic Housing and Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Authorizing the execution of Second Amendment to Redevelopment Agreement with El Sid Properties, LLC
Entity Name: El Sid Properties, LLC
Entity Address: 500 Avenue P, Newark, New Jersey 07105-4802
Sale Amount: $4,450,000.00
Cost Basis: ( ) PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount:
Appraised Amount:
Contract Period: Construction to commence no later than two (2) years from the amended effective date and completed within twelve (12) months thereafter.
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)
704-738 Doremus Avenue /Block 5074/Lot 1/East Ward
Additional Information:
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WHEREAS, on June 15, 2005, the Municipal Council of the City of Newark adopted Resolution 7RDO(A.S.), designating the entirety of the City as "an area in need of rehabilitation" as defined by the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq.; and
WHEREAS, following the "area in need of rehabilitation" designation, the Municipal Council adopted the East Ward Redevelopment Plan (the "Redevelopment Plan") that includes within it the City-owned property, together with all buildings, structures and improvements thereon, located at Block 5074, Lot 1, more commonly known as the "Central Steel Drum Site" or "Central Steel Site" (the "Property"); and
WHEREAS, the City of Newark (the "City") and Doremus Newark II, LLC ("Doremus II") executed a Redevelopment Agreement providing for the conveyance, remediation and redevelopment of the Property, as authorized by Resolution 7R3-a(S) adopted by the Municipal Council of the Ci...
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