City of Newark - File #: 11-0714

• File #: 11-0714
• Version: 1
• Type: Resolution
• Status: Adopted
• File created: 7/6/2011
• In control: Economic and Housing Development
• On agenda: 7/7/2011
• Final action: 7/7/2011
• Title: Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Purpose: Authorizing Settlement Agreement/ Release/ Stipulation of Dismissal and Authorizing Option (1) to purchase from Sumo Realty, Inc. properties located at Block 919. Lots 1, 5, 15, 43.19 and 43.30 at a purchase price of $4,000,000.00 (Initial payment of $2,500,000.00 and a deferred payment of $1,500.000.00 or Option (2) to cancel the obligation of Sumo Realty, Inc. to sell such properties to the City of Newark Docket No.: ESX-C-52-09/ ESX-C-51-09 Claimant(s): 1. Sumo Enterprises, Inc./ 22 Prince Street, Elizabeth, NJ 07208 2. New Home Realty, Inc. / 22 Prince Street, Elizabeth, NJ 07208 3. Badger Development Company/ 22 Prince Street, Elizabeth, NJ 07208 Claimant's Attorney: N/A Attorney's Address: N/A Additional Comments: N/A

Date	Ver.	Action By	Action	Result
7/7/2011	1	Municipal Council	Adopt	Pass

Title

Dept/ Agency:  Economic & Housing Development

Action:  (   ) Ratifying     (X) Authorizing     (  ) Amending

Purpose:  Authorizing Settlement Agreement/ Release/ Stipulation of Dismissal and Authorizing Option (1)  to purchase from Sumo Realty, Inc. properties located at Block 919. Lots 1, 5, 15, 43.19 and 43.30 at a purchase price of $4,000,000.00 (Initial payment of $2,500,000.00 and a deferred payment of $1,500.000.00 or Option (2) to cancel the obligation  of Sumo Realty, Inc. to sell such properties to the City of Newark

Docket No.: ESX-C-52-09/ ESX-C-51-09

Claimant(s):

1. Sumo Enterprises, Inc./ 22 Prince Street, Elizabeth, NJ 07208

2. New Home Realty, Inc. / 22 Prince Street, Elizabeth, NJ 07208

3. Badger Development Company/ 22 Prince Street, Elizabeth, NJ 07208

Claimant's Attorney: N/A

Attorney's Address:  N/A

Additional Comments:  N/A