Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Subordination Agreement/Reverter
Purpose: Resolution of the City of Newark, in the County of Essex, State of New Jersey authorizing the execution of an Agreement to subordinate the city's rights of reverter by entering into a subordination agreement with Merchants Bank of Indiana as lender and NMA Owners Urban Renewal LLC as borrower in order to permit financing necessary for the redevelopment of an affordable rental or for-sale housing project.
Entity Name: NMA Owners Urban Renewal LLC
Entity Address: 2 Park Avenue, 23rd Floor, New York, New York 10016
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)
47-55 Washington Street/Block 34/Lots 9, 10, 11:35, 12 and 30/Central Ward
65 Central Street/Block 35/Lot 29/Central Ward
Additional Information:
Ordinance 6PSF-d(s) adopted on August 30, 2022, authorized the Sale/Redevelopment Agreement.
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WHEREAS, pursuant to the City of Newark (the "City") Ordinance 6PSF-d(s), adopted on August 30, 2022, the Mayor and the Deputy Mayor/Director of the Department of Economic and Housing Development of the City were authorized to execute on behalf of the City an Agreement for the Sale and Redevelopment of Land with The Newark Museum Association ("NMA" or the "Redeveloper") (the "Redevelopment Agreement") for the purchase by NMA of certain property owned by the City of Newark and located in the City, which is commonly referred to as the Newark Museum Property, Newark, New Jersey and more specifically delinea...
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