24-1526

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 Sale and Redevelopment of Land and a Subordination Agreement in order to permit the Redeveloper to obtain construction financing, necessary for the rehabilitation of the Property into three residential units Entity Name: 229 South 11th LLC Entity Address: 59 Lincoln Park, Suite 375, Newark, New Jersey 07102 Sale Amount: $32,760.00 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: 229 South 11th Street/Block 1815/Lot11 (Address/Block/Lot/Ward) Additional Information: Resolution 7R2-k adopted on December 20, 2023, designating 229 South 11th LLC as the Redeveloper and authorized an Agreement for the Sale and Redevelopment of Land

Resolution Adopted Introduced November 12, 2024

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