Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment/Subordination Agreement
Purpose: An Agreement to subordinate the City's Reverter Rights by entering into a Second Amendment to the Agreement for Sale and Redevelopment of Land and a Subordination Agreement in order to permit financing necessary for the construction of two (2) buildings consisting of sixteen (16) affordable housing units through rehabilitation and new construction, together with approximately 1,900 square feet of commercial and community space and four (4) buildings consisting of sixty (60) market rate residential rental units.
Entity Name: 650 Springfield Ave Urban Renewal, LLC and 41 19th Ave Urban Renewal, LLC
Entity Address: 61 Deans Lane, Monmouth Junction, New Jersey 08852
Sale Amount: $0.00
Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other:
Assessed Amount: $0.00
Appraised Amount: $0.00
Contract Period: Not Applicable
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)
55 19th Avenue/Block 364/Lot 1/South Ward
709 South 16th Street/Block 364/Lot 9/South Ward
711 South 16th Street /Block 364/Lot 10/South Ward
713 South 16th Street/Block 364/Lot 11/South Ward
715 South 16th Street /Block 364/Lot 12/South Ward
717 South 16th Street/Block 364/Lot 13/ South Ward
650-656 Springfield Avenue/Block 364/Lot 21/South Ward
718-722 South 17th Street/Block 364/Lot 22/South Ward
714-716 South 17th Street/Block 364/Lot 24/South Ward
712 South 17th Street/Block 364/Lot 26/South Ward
708 South 17th Street/Block 364/Lot 28/South Ward
724-726 South 17th Street/Block 364/Lot 29/South Ward
Additional Information:
Resolution 7R2-g(AS) adopted on April 19, 2017, authorized th...
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