Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Authorize Execution of an Amended and Restated Agreement for the Sale and Redevelopment of Land Between the City of Newark and Virginia Street Fidelco, LLC
Entity Name: Virginia Street Fidelco, LLC
Entity Address: 225 Millburn Avenue, Suite 202, Millburn, New Jersey 07041
Sale Amount: $13,810,000.00, less the Remediation and Demolition Credit [maximum aggregate credit not to exceed $3,810,000.00]
Contract Period:
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)
41-45 McClellan Street/Block 3773/Lots 15/Additional Lot41/South Ward
47-63 McClellan Street/Block 3773/Lot 43/South Ward
980-990 Frelinghuysen Avenue Rear/Block 3773/Lot 53/South Ward
Additional Information:
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WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., as amended and supplemented (the "Act"), authorizes municipalities to participate in the redevelopment and improvement of areas that are in need of redevelopment or rehabilitation; and
WHEREAS, in order to stimulate the reinvigoration of the entire City, by Resolution 7Rdo (A.S.) adopted by the Municipal Council on June 15, 2005, the entire City of Newark was designated as an area in need of rehabilitation pursuant to the Act; and
WHEREAS, by Ordinance 6S+FC adopted December 21, 2000, the Municipal Council adopted the "Frelinghuysen/McClellan Redevelopment Plan and the Feasibility of Relocation of City Tax Block 3773, Lots 15, 41, 43 & 53" (the "Redevelopment Plan");
WHEREAS, on or about July 3, 2008, the City entered into and executed a Redevelopment Agreement with McClellan Street Urban Renewal, LLC,...
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