26-0745
Dept./ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing (X) Amending Type of Service: Subordination Agreement 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 and Recognition Agreement in order to permit the Redeveloper to obtain the financing necessary for the development of a new five-story mixed-use building Entity Name: S.A.T. Urban Renewal Entity, LLC Entity Address: 156 Elizabeth Avenue, Newark, New Jersey 07108 Sale Amount: $55,300.00 Cost Basis: ( X ) $ 10.00 PSF ( ) Negotiated (X) N/A ( ) Other: Assessed Amount: N/A Appraised Amount: N/A 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) 142-144 Elizabeth Avenue/Block 2776/ Lot 8.01/South Ward Additional Information: Resolution 7R2-f adopted on July 22, 2020, designating S.A.T. Urban Renewal Entity, LLC, as the redeveloper and authorizing an Agreement for the Sale and Redevelopment of Land.
What this record is
- Held by
- Urban Renewal Entity, LLC
- Amount
- $55K
- 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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Read automatically from the title of the official record. The source document below is authoritative.
- Committee
- Economic and Housing Development
- Introduced
- May 11, 2026
- On agenda
- May 20, 2026
- Passed
- May 20, 2026
Where it was heard
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