Title
Dept./ Agency: Economic and Housing Development
Action: (X) 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 Third Amendment to the Agreement for Sale and Redevelopment of Land and a First Amendment to the Subordination Agreement in order to permit financing necessary for the construction of approximately (115) units of mixed-income housing with parking and outdoor space.
Entity Name: 650 Springfield Ave Urban Renewal, LLC and 41 19th Ave Urban Renewal, LLC
Entity Address: Monmouth Junction, New Jersey 08852
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
650-656 Springfield Avenue/Block 364/Lot 21, now as Lot 1.05/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
708 South 17th Street/Block 364/Lot 28/South Ward
712 South 17th Street/Block 364/Lot 26/South Ward
714-716 South 17th Street/Block 364/Lot 24/South Ward
718-722 South 17th Street/Block 364/Lot 22/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 an Agreement for the Sale of Land and Redevelopment for (115) units of mixed-income housing with parking and outdoor space in the sale amount of $175,012.00 ($4 PSF), to commence within (3) months and to be completed within (18) months from the transfer of ownership.
Resolution 7R2-g(AS) adopted on July 22, 2020, ...
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