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 the Agreement for Sale and Redevelopment of Land and a Subordination Agreement in order to permit the Redeveloper to obtain financing, necessary for the rehabilitation of property to create an East Ward Affordable Housing Program Entity Name: Community Asset Preservation Corporation Entity Address: 100 Albany Street, Suite 250, New Brunswick, New Jersey 08901 Sale Amount: $3,360.00 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) 43 Cortland Street/Block 2483/Lot 40/East Ward 43 ½ Cortland Street/Block 2483/Lot 60/East Ward Additional Information: Resolution 7R3-a (s) adopted on March 11, 2014 authorized the for Agreement for the Sale and Redevelopment of Land for 43 ½ Cortland Street. Resolution 7R2-e (s) adopted on May 24, 2022, authorized the Agreement for the Sale and Redevelopment of Land for 43 Cortland Street.

What this record is

Held by

Community Asset Preservation Corporation 2 records across this site

Amount

$3K

Runs until

Not stated in the agenda text — the term is normally in the signed agreement, attached to the original item ↗

Type

amendment

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Community Asset Preservation Corporation also holds

Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose:… $83K Newark, NJ

Committee

Economic and Housing Development

Introduced

January 23, 2025

On agenda

February 5, 2025

Passed

February 5, 2025

Where it was heard

Municipal Council Feb 5, 2025 Amend Pass Municipal Council Feb 5, 2025 Adopted as Amended Pass

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