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 CO Enterprises, LLC, to change the Entity Name and amend the scope of the Project.
Entity Name: Sheila Y Oliver Senior Housing Community, LLC
Entity Address: 28 Valley Road Suite 1, Montclair, New Jersey 07042
Sale Amount: $185,580.00
Cost Basis: (X) $9.00PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $332,300.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
117 Aldine Street/ Block 3051/ Lot 21/South Ward
119-121 Aldine Street/ Block 3051/Lot 22 and 23/South Ward
295 Lyons Avenue/ Block 3051/ Lot 24/South Ward
297-299 Lyons Avenue/ Block 3051/ Lot 25 and 26/South Ward
301Lyons Avenue/ Block 3051/ Lot 27/South Ward
303 Lyons Avenue/Block 3051/Lot 28/South Ward
Additional Information:
Resolution 7R2-c adopted on March 20, 2024, 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 and amend the scope of the Project.
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WHEREAS, on March 20, 2024 the Newark Municipal Council adopted Resolution 7R2-c (the "Original Resolution"), which authorized the Mayor and/or his designee the Deputy Mayor/Director of the Department of Economic and Housing Development to enter into and execute an Agreement for the Sale...
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