Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: An Agreement to Subordinate the City of Newark's Reverter Rights by entering into a First Amendment to Agreement for the Sale and Redevelopment of Land and a Subordination Agreement in order to permit the Redeveloper to obtain construction financing necessary for the redevelopment of an affordable rental housing project
Entity Name: Rubix International Limited Liability Company
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:
232-234 Schley Street/Block 3733/Lot 89/South Ward
(Address/Block/Lot/Ward)
Additional Information:
Resolution 7R2-b (s) adopted on May 25, 2021, designating Rubix International Limited Liability Company as the redeveloper and authorizing an Agreement for the Sale and Redevelopment of Land.
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WHEREAS, pursuant to Resolution 7R2-b(s) adopted on May 25, 2021, the Newark Municipal Council ("Municipal Council") authorized the Mayor and the Deputy Mayor/Director of the Department of Economic and Housing Development to enter into and execute an Agreement for the Sale and Redevelopment of Land ("Agreement") with Rubix International Limited Liability Company (the "Redeveloper") for the sale of City owned real property, which included property located at 232-234 Schley Street, Newark, New Jersey and identified on the official tax map of the City of Newark as Block 3733, Lot 89 (the "Property"), for a total purchase price of Forty-Six Tho...
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