Dept./ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Subordination Agreement to facilitate financing for The Newark Land Bank’s Section 8 Homeownership Program Purpose: Authorizing an Agreement to Subordinate the City’s Reverter Rights in order to permit financing necessary for the construction of sixteen (16) two-family and three-family homes for sale to low and moderate income households for Newark Land Bank’s Section 8 Homeownership Program. Entity Name: Invest Newark, a NJ Non-Profit Corporation Entity Address: 111 Mulberry Street, Lower Level, 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: (Address/Block/Lot/Ward) See Exhibit A - Property Vitals Additional Information: Ordinance 6PSF-g adopted on October 16, 2019 established the Land Bank. Ordinance 6PSF-a adopted on April 7, 2020, designated Invest Newark as the Land Bank Entity for the City of Newark, New Jersey. Ordinance 6PSF-r adopted on November 5, 2020, authorized the execution of a Trust Agreement between the City of Newark and Invest Newark. Resolution 7R2-a adopted on October 19, 2022, authorized Invest Newark to acquire, maintain and dispose of certain city-owned blighted, vacant and abandoned properties not needed for public use.

What this record is

Held by

NJ Non-Profit Corporation 4 records across this site

Runs until

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Type

amendment

Field

Construction

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NJ Non-Profit Corporation also holds

Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose:… $25K Newark, NJ Dept./ Agency: Economic and Housing Development Action: (X ) Ratifying (X) Authorizing ( ) Amending Type of Service: Funding Agreement Purpose: To aut… $3.50M Newark, NJ ends Dec 31, 2027 Dept./ Agency: Recreation, Cultural Affairs and Senior Services Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Memorandum of Unde… Newark, NJ

Committee

Economic and Housing Development

Introduced

April 8, 2024

On agenda

April 24, 2024

Passed

April 24, 2024

Where it was heard

Municipal Council Apr 24, 2024 Adopt Pass

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