Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment/ Assignment and Assumption
Purpose: Assignment of Redevelopment rights from Springfield Avenue Market Place, LLC, current owner of 66-80 South Orange Avenue, Block 235, Lots 1-10, 53, 54, and 56 (now known as Block 235, Lot 1)(Central Ward) to KS 66-80 South Orange Avenue, LP, 556 Market Street, Newark, New Jersey 07105 in accordance with the approved Redevelopment Plan.
Entity Name: KS 66-80 South Orange Avenue, LP
Entity Address: 556 Market Street, Newark, New Jersey 07105
Contract Amount: Pursuant to the terms of the Agreement of Purchase and Sale dated August 12, 2019 between Seller and Buyer, including all amendments thereto, and the Final Order entered in the matter of Russell Springfield, LLC, et al., v. WKA Development Corp., et al., County of Essex, Chancery Division, General Equity Part, Docket No.: ESX-C-199-17 (hereinafter the "Final Order")
Funding Source: Not Applicable
Contract Period: The commencement and completion dates shall be consistent with the Redevelopment Agreement, any amendments thereto, and the Assignment and Assumption of Developer's Agreement and Consent to Assignment authorized herein
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
(X) Private Sale (X) Grant ( ) Sub-recipient ( ) n/a
List of Property:
66-80 South Orange Avenue/Block 235/Lot 1/Central Ward (merged Lots 1-10, 53, 54 and 56)
Additional Information:
The Assignment and Assumption of the Developer's Agreement and Consent to Assignment are being done in accordance with the Final Order.
Resolution 7RDE(AS) adopted October 6, 2004, authorized the City to enter into the "Agreement for the Sale of Land and Redevelopment of Springfield Marketplace" with Springfield Avenue Marketplace,...
Click here for full text