Dept./ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing (X) Amending Type of Service: Private Sale/Redevelopment/Subordination Agreement Purpose: An Agreement to subordinate the City’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 financing necessary for the redevelopment of rental or for-sale owner-occupied housing Entity Name: Ascension Capital Partners I, LLC Entity Address: 59 Lincoln Park, Suite 200, Newark, New Jersey 07102 Sale Amount: $116,099.20 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) 529 Springfield Avenue/Block 2614/Lot 1/South Ward 527 Springfield Avenue/Block 2614/Lot 2/Additional Lot 34/South Ward 521 Springfield Avenue/Block 2614/Lot 5/South Ward 461 18th Avenue/Block 2614/Lot 7/South Ward 459 18th Avenue/Block 2614/Lot 8/South Ward 457 18th Avenue/Block 2614/Lot 9/South Ward 15 Brenner Street/Block 2614/Lot 28/South Ward 9-11 Brenner Street/Block 2614/Lot30/Additional Lot 31/South Ward 608 South 10th Street/Block 2614/Lot 32/South Ward 606 South 10th Street/Block 2614/Lot 33/South Ward Additional Information: Resolution 7R2-b adopted on October 24, 2018, authorized the Private Sale/Redevelopment Agreement.

What this record is

Held by

Ascension Capital Partners I, LLC 3 records across this site

Amount

$116K

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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Ascension Capital Partners I, LLC also holds

Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing (X) Amending Type of Service: Private Sale/Redevelopment Purpose:… $29K Newark, NJ Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Execute an Affordable Housing Agree… $625K Newark, NJ

Committee

Economic and Housing Development

Introduced

April 14, 2025

On agenda

April 29, 2025

Passed

April 29, 2025

Where it was heard

Municipal Council Apr 29, 2025 Adopt Pass

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