Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment/Subordination Agreement/Reverter
Purpose: An Agreement to subordinate the City's rights of reverter by entering into a Subordination of Right of Reverter, Estoppel Certificate and First Amendment to Agreement for the Sale and Redevelopment of Land in order to permit construction financing necessary for the redevelopment of an affordable rental housing project.
Entity Name: Rubix International, LLC
Entity Address: 24 Commerce Street, Suite 1420, Newark, New Jersey 07102
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)
320-322 Hawthorne Avenue/Block 3612/Lot 4/South Ward
Additional Information:
Resolution 7R2-b(S) adopted on May 25, 2021, authorized the Private Sale/Redevelopment Agreement.
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WHEREAS, pursuant to Resolution 7R2-b(s) duly adopted on May 25, 2021 (File # 20-0779), the Mayor and the Deputy Mayor/Director of the Department of Economic and Housing Development were authorized to enter into and execute an Agreement for the Sale and Redevelopment of Land, dated as of June 7, 2022 (the "Agreement") with Rubix International Limited Liability Company (the "Redeveloper") for the sale of land owned by the City of Newark located at 320-322 Hawthorne Avenue and identified on the official tax map of the City as Block 3612, Lot 4 (the "Property"), for the development and construction of the Property to create a new 3-story building consisting of three (3) units of affordable rental housing (the "Project"); and
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