7R2-f
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type
of
Service:
Private
Sale/Redevelopment/Subordination
Agreement
Purpose: An Agreement entering into a Fourth Amendment to the
Agreement for Sale and Redevelopment of Land to permit financing
necessary for the following: (i) construction of two (2) buildings consisting
of sixteen (16) affordable housing units through rehabilitation and new
construction, including six (6) affordable housing units on Block 364, Lot 27
and ten (10) affordable housing units along with approximately 1,900
square feet of commercial and community space shall be located on that
portion of the Property located at 650-656 Springfield Avenue and
identified on the official Tax Map of the City as Block 364, Lot 1.05 on the
City’s official tax maps (the “650 Springfield AH Project”) (ii) construction of
forty-two (42) market rate residential units, located on that portion of the
Property know as 704-708 South 17th, 701-707 South 16th
Street, and
709-717 South 16th Street and identified on the official Tax Map of the
City as Block 364, Lots 1.01, 1.02, and 1.03 (the “RISE Project”); and (iii)
construction of eighteen (18) market rate residential units within one (1)
building located on that portion of the Property known as 712-722 South
17th Street and identified on the official Tax Map of the City as Block 364,
Lot 1.04 (the “FNA Project” and together with the 650 Springfield AH
Project and the RISE Project, the “Project”).
Entity Name: 650 Springfield Ave Urban Renewal, LLC, 41 19th Ave
Urban Renewal, LC, and RISE REO Urban Renewal, LLC
Entity Address: 61 Deans Lane, Monmouth Junction, New Jersey 08852
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)
704-708 South 17th Street/Block 364/Lot 1.01/South Ward
701-707 South 16th Street/Block 364/Lot 1.02/South Ward
709-717 South 16th Street/Block 364/Lot 1.03/South Ward
712-722 South 17th Street/Block 364/Lot 1.04/South Ward
650-656 Springfield
Avenue
(aka
724-736 South
17th
Street)/Block
364/Lot 1.05/South Ward
710 South 17th Street/Block 364/Lot 27/South Ward
Additional Information:
Resolution 7R2-g(AS) adopted on April 19, 2017, authorized the Private
Sale/ Redevelopment Agreement.
Resolution 7R2-g(AS) adopted on July 22, 2020, authorized the First
