24-1504
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.
- Committee
- Economic and Housing Development
- Introduced
- November 4, 2024
- On agenda
- November 26, 2024
- Passed
- November 26, 2024