Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide an Agreement to subordinate the City's reverter rights by entering into a First Amended Agreement for the Sale of Land and Redevelopment and a Subordination Agreement to enable the Redeveloper to obtain financing necessary for the redevelopment of six (6) three-unit townhomes.
Entity Name: Metamorphosis Development Enterprise, LLC
Entity Address: Neptune, New Jersey 07753
Sale Amount: $60,000.00
Cost Basis: ( ) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $187,700.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) and be completed within eighteen (18) months from transfer of ownership by the City
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)
361-363 South 8th Street/Block 281/Lot 34/Additional Lot 35/Central Ward
365 South 8th Street/Block 281/Lot 36/Central Ward
394 South 9th Street/Block 281/Lot 3/Central Ward
396 South 9th Street/Block 281/Lot 2/Central Ward
398 South 9th Street/ Block 281/Lot 1/Central Ward
Additional Information:
Resolution 7R2-b adopted on December 5, 2018, authorized the Sale and Redevelopment Agreement.
Metamorphosis Development Enterprise, LLC, 40 Clinton Street, Suite 300, Newark, New Jersey 07102, previously known address.
Deferred 7R2-b 062723
A Public Hearing will be held on Tuesday, July 19, 2023 at 12:30 P.M. in the Council Chamber or a date soon thereafter practical, in the Council Chamber.
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WHEREAS, pursuant to Resolution 7R2-b adopted on December 5, 2018, the Mayor and the Deputy Mayor/Director of the Department of Economic and Housing Develo...
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