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 Lincoln Park/Coast Cultural District, Inc., to change the Entity Name, amend the scope of the Project, correct the assessed amount, and correct the sale amount.
Entity Name: LPCCD Development, LLC
Entity Address: 450 Washington Street, Newark, New Jersey 07102
Sale Amount: $148,579.68
Cost Basis: (X) $6.00PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $417,000.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) 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)
11-15 Emmet Street/Block 2804/Lots 15, 16, 17/South Ward
68 Sherman Avenue/Block 2809/Lot 8/South Ward
26 Thomas Street/Block 2821/Lot 6/East Ward
54 Pennsylvania Avenue/Block 2821/Lot 11/East Ward
34-36 Parkhurst Street/Block 2821/Lot 13/East Ward
26 Parkhurst Street/Block 2821/Lot 18/East Ward
28 Parkhurst Street/Block 2821/Lot 17/East Ward
1109 Broad Street/Block 2822/Lot 34/East Ward
Additional Information:
Resolution 7R2-b adopted on September 8, 2022, authorized the Private Sale/Redevelopment pursuant to the Agreement for the Sale and Redevelopment of Land.
This Resolution authorizes a First Amendment to the Agreement for the Sale and Redevelopment of Land to change the Entity Name, amend the scope of the Project, correct the assessed amount, and correct the sale amount.
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WHEREAS, on September 8, 2022, the Newark Municipal Council adopted Resolution 7R2-b (the "Original...
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