Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: First Amendment to the Agreement for the Sale and Redevelopment of Land to Springfield Blossom, LLC to amend the scope of the Project.
Entity Name: Springfield Blossom, LLC
Entity Address: 1212 Springfield Avenue, Irvington, New Jersey 07111
Sale Amount: $110,015.55
Cost Basis: (X) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $207,400.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) months from the transfer of ownership by the City
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)
626-638 Springfield Avenue/Block 363/Lot 8.02/South Ward
Additional Information:
Resolution 7R2-h adopted on January 10, 2024 authorized the Private Sale, pursuant to the Agreement for the Sale and Redevelopment of Land.
This Resolution authorizes a First Amendment to the Agreement for the Sale of Land and Redevelopment to amend the scope of the Project.
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WHEREAS, on January 10, 2024, the Newark Municipal Council adopted Resolution 7R2-h (the "Original Resolution"), which authorized the Mayor and/or his designee the Deputy Mayor/Director of the Department of Economic and Housing Development to enter into and execute an Agreement for the Sale and Redevelopment of Land ("Agreement"), for the sale of the following City-owned property (the "Property") to Springfield Blossom, LLC, 1212 Springfield Avenue, Irvington, New Jersey 07111 ("Redeveloper"), pursuant to the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq., located within the South Ward, no longer...
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