Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing (X) Amending Type of Service: Private Sale/Redevelopment Purpose: First Amendment to the Agreement for the Sale and Redevelopment of Land to MB Development & Management, LLP, to change the Entity Name Entity Name: MB Development & Management, LLC Entity Address: 17 Academy Street, Suite 301, Newark, New Jersey 07102 Sale Amount: $50,000.00 Cost Basis: (X) $10.00PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $85,000.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within twenty-four (24) months from the transfer of ownership by the City Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ (X) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a List of Property: (Address/Block/Lot/Ward) 509 Avon Avenue/ Block 2640/Lot 29/South Ward 511 Avon Avenue/Block 2640/Lot 30/South Ward Additional Information: Resolution 7R2-c adopted on December 18, 2024, authorized the Private Sale/Redevelopment pursuant to the Agreement for the Sale and Redevelopment of Land. This Resolution authorizes a First Amendment to the Agreement for the Sale and Redevelopment of Land to change the Entity Name.

What this record is

Held by

MB Development & Management, LLP 2 records across this site

Amount

$85K

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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MB Development & Management, LLP also holds

Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose:… $85K Newark, NJ

Committee

Economic and Housing Development

Introduced

August 7, 2025

On agenda

October 22, 2025

Passed

October 22, 2025

Where it was heard

Municipal Council Oct 22, 2025 Adopt Pass

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