Title
Dept/ Agency: Economic and Housing Development
Action: (X) 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 Newark Interfaith, LLC, to develop approximately forty-eight (48) residential housing units, one (1) mixed-use, and one (1) commercial property, to remove the following six (6) properties: 827-829 Bergen Street; 831-833 Bergen Street; 835 Bergen Street; 837-839 Bergen Street; 841-843 Bergen Street; and 845 Bergen Street.
Entity Name: Newark Interfaith, LLC.
Entity Address: One Gateway Center, Suite 2600, Newark, New Jersey 07102
Sale Amount: $300,233.28
Cost Basis: (X) $4.00-$10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $583,800.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) 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)
|
Property Address |
Block |
Lot |
Square Feet |
Price Per Sq. Foot |
Price |
|
40-50 Kent Street |
2615 |
23 |
13,358.97 |
$4.00 |
$53,435.88 |
|
379-381 Avon Avenue |
2632 |
22 |
5,000 |
$4.00 |
$20,000.00 |
|
687-689 Clinton Avenue |
3008 |
1 |
6,482.10 |
$10.00 |
$64,821.00 |
|
522-524 Hawthorne Avenue |
3067 |
1 |
5,202 |
$10.00 |
$52,020.00 |
|
520 Hawthorne Avenue |
3067 |
3 |
2,000 |
$10.00 |
$20,000.00 |
|
510-512 Hawthorne Avenue |
3067 |
7.01 |
4,500 |
$10.00 |
$45,000.00 |
|
12-16 Wolcott Terrace |
3617 |
15,16 |
4,754.10 |
$4.00 |
$19,016.40 |
|
10 Wolcott Terrace |
3617 |
26 |
2,006.40 |
$4.00 |
$8,025.60 |
|
22-26 Wolcott Terrace |
3618 |
11 |
2,028.60 |
$4.00 |
$8,114.40 |
|
24 Patten Place |
3618 |
10 |
2,450 |
$4.00 |
$9,800.00 |
|
Total |
|
|
47,782.17 |
|
$300,233.28 |
Properties located on major corridors, Clinton Avenue and Hawthorne Avenue, are being sold at $10.00 per square foot. The other properties are being sold at $4.00 per square foot. (South Ward)
Square Feet 29,598.07 X $4.00 = $118,392.28
Square Feet 18,184.10 X $10.00 = $181,841.00
Total Sales Price: $300,233.28
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
Resolution 7R2-g(AS) adopted on September 5, 2019, authorized the City of Newark to enter into an Agreement for the Sale and Redevelopment of Land with Newark Interfaith, LLC, for the development of approximately forty-eight (48) residential housing units, one (1) mixed-use and one (1) commercial property.
This resolution amends Resolution 7R2-g(AS) adopted on September 5, 2019, by removing six (6) properties from the resolution and the Agreement for the Sale and Redevelopment of Land.
body
WHEREAS, the City of Newark (the “City”) is authorized, pursuant to N.J.S.A. 40A:12A-8(g), to sell City-owned properties, no longer needed for public use, in conjunction with an applicable redevelopment plan, at such prices and upon such terms as it deems reasonable, for the purpose of rehabilitating the area; and
WHEREAS, on September 5, 2019, the Municipal Council adopted Resolution 7R2-g(AS) (the “Original Resolution”), which authorized the sale of the following City-owned properties located within the South Ward, no longer needed for public use, in accordance with the South Ward Redevelopment Plan, as amended, which governs the redevelopment of city-owned properties located within the South Ward and identified as:
|
PROPERTY ADDRESS |
Block |
Lot |
|
SqUARE |
PRICE |
SALE |
|
|
|
|
LOT SIZE |
FEET |
PSF |
PRICE |
|
40-50 Kent Street |
2615 |
23 |
135.9X98.3 |
13,358.97 |
4.00 |
$53,435.88 |
|
379-381 Avon Avenue |
2632 |
22 |
50X100 |
5,000.00 |
4.00 |
$20,000.00 |
|
687-689 Clinton Avenue |
3008 |
1 |
52.7X123 |
6,482.10 |
10.00 |
$64,821.00 |
|
522-524 Hawthorne Avenue |
3067 |
1 |
5202 |
5,202.00 |
10.00 |
$52,020.00 |
|
520 Hawthorne Avenue |
3067 |
3 |
20X100 |
2,000.00 |
10.00 |
$20,000.00 |
|
510-512 Hawthorne Avenue |
3067 |
7.01 |
4500 |
4,500.00 |
10.00 |
$45,000.00 |
|
827-829 Bergen Street |
3590 |
33 |
50X100 |
5,000.00 |
10.00 |
$50,000.00 |
|
831-833 Bergen Street |
3590 |
35, 36 |
50X100 |
5,000.00 |
10.00 |
$50,000.00 |
|
835 Bergen Street |
3590 |
37 |
30X100 |
3,000.00 |
10.00 |
$30,000.00 |
|
837-839 Bergen Street |
3590 |
38, 39 |
45X100 |
4500.00 |
10.00 |
$45,000.00 |
|
841-843 Bergen Street |
3590 |
40.01 |
3750 |
3750.00 |
10.00 |
$37,500.00 |
|
845 Bergen Street |
3590 |
40.02 |
3550 |
3550.00 |
10.00 |
$35,500.00 |
|
12-16 Wolcott Terrace |
3617 |
15, 16 |
68.9X69 |
4754.10 |
4.00 |
$19,016.40 |
|
10 Wolcott Terrace |
3617 |
26 |
32X62.7 |
2006.40 |
4.00 |
$8,025.60 |
|
22-26 Wolcott Terrace |
3618 |
11 |
69X29.4 |
2028.60 |
4.00 |
$8,114.40 |
|
24 Patten Place |
3618 |
10 |
35X70 |
2450.00 |
4.00 |
$9,800.00 |
29,598.07 Sq. Ft. X $4.00 = $118,392.28
42,984.10 Sq. Ft. X $10.00 = $429,841.00
Total Purchase Price: $548,233.28; and
WHEREAS, the original resolution and the Agreement for the Sale and Redevelopment of Land (the “Agreement”) with Newark Interfaith, LLC provides for the sale of sixteen (16) properties owned by the City; and
WHEREAS, the Director of the Department of Economic and Housing Development has since determined that it would like to reduce the number of properties being sold to Newark Interfaith, LLC from sixteen (16) to ten (10) properties; and
WHEREAS, the City wishes to remove the following properties from the Agreement and the Original Resolution: 1.) 827-829 Bergen Street; 2.) 831-833 Bergen Street; 3.) 835 Bergen Street; 4.) 837-839 Bergen Street; 5.) 841-843 Bergen Street; and 6.) 845 Bergen Street; and
WHEREAS, the City desires to amend Resolution 7R2-g(AS) adopted on September 5, 2019, to approve the sale of all of the properties listed in said resolution excluding the following properties: 1.) 827-829 Bergen Street; 2.) 831-833 Bergen Street; 3.) 835 Bergen Street; 4.) 837-839 Bergen Street; 5.) 841-843 Bergen Street; and 6.) 845 Bergen Street, identified on the Official Tax Map respectively as Block 3590, Lots 33, 35, 36, 37, 38, 39, 40.01 and 40.02.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. Resolution 7R2-g (AS), adopted on September 5, 2019, is hereby amended to remove the following properties located at: 1.) 827-829 Bergen Street; 2.) 831-833 Bergen Street; 3.) 835 Bergen Street; 4.) 837-839 Bergen Street; 5.) 841-843 Bergen Street; and 6.) 845 Bergen Street, identified on the Official Tax Map respectively as Block 3590, Lots 33, 35, 36, 37, 38, 39, 40.01 and 40.02, from the resolution and the Agreement.
2. The Mayor and/or his designee, the Director of the Department of Economic and Housing Development are hereby authorized to execute the First Amendment to the Agreement for the Sale and Redevelopment of the Land, attached hereto, with Newark Interfaith, LLC, One Gateway Center, Suite 2600, Newark, New Jersey 07102, for the private sale and redevelopment of the following properties (the “Properties”) for the following purchase price, in accordance with the requirements of N.J.S.A. 40A:12A-8(g), the terms and conditions of the attached First Amendment to the Agreement for the Sale and Redevelopment of Land, and the South Ward Redevelopment Plan, as amended:
|
Property Address |
Block |
Lot |
Square Feet |
Price Per Sq. Foot |
Price |
|
40-50 Kent Street |
2615 |
23 |
13,358.97 |
$4.00 |
$53,435.88 |
|
379-381 Avon Avenue |
2632 |
22 |
5,000 |
$4.00 |
$20,000.00 |
|
687-689 Clinton Avenue |
3008 |
1 |
6,482.10 |
$10.00 |
$64,821.00 |
|
522-524 Hawthorne Avenue |
3067 |
1 |
5,202 |
$10.00 |
$52,020.00 |
|
520 Hawthorne Avenue |
3067 |
3 |
2,000 |
$10.00 |
$20,000.00 |
|
510-512 Hawthorne Avenue |
3067 |
7.01 |
4,500 |
$10.00 |
$45,000.00 |
|
12-16 Wolcott Terrace |
3617 |
15,16 |
4,754.10 |
$4.00 |
$19,016.40 |
|
10 Wolcott Terrace |
3617 |
26 |
2,006.40 |
$4.00 |
$8,025.60 |
|
22-26 Wolcott Terrace |
3618 |
11 |
2,028.60 |
$4.00 |
$8,114.40 |
|
24 Patten Place |
3618 |
10 |
2,450 |
$4.00 |
$9,800.00 |
|
Total |
|
|
47,782.17 |
|
$300,233.28 |
29,598.07 Sq. Ft. X $4.00 = $118,392.28
18,184.10 Sq. F. X $10.00 = $181,841.00
Total Purchase Price: $300,233.28
3. Said Properties shall be sold to Newark Interfaith, LLC, by private sale for the purpose of developing the above-mentioned Properties by constructing approximately forty-eight (48) residential housing units, one (1) mixed use, and one (1) commercial property.
4. The Municipal Council hereby ratifies the First Amendment to the Agreement for the Sale and Redevelopment of Land with Newark Interfaith, LLC, from September 5, 2019, to the date of adoption of this resolution.
5. All other terms and conditions of the Agreement shall remain the same.
6. All other parts of Resolution 7R2-g(AS), adopted on September 5, 2019, shall remain the same.
7. The Redeveloper shall have thirty (30) days from the date this resolution is certified by the Office of the City Clerk to execute the attached First Amendment to the Agreement for the Sale and Redevelopment of Land and return same to the Department of Economic and Housing Development. Should the Redeveloper fail to execute and return the attached Agreement within this thirty (30) day time period, the authorization provided by this resolution shall be null and void, unless the Director of the Department of Economic and Housing Development agrees in writing to extend this thirty (30) day time period.
8. The Director of the Department of Economic and Housing Development shall place a copy of the executed First Amendment to the Agreement for the Sale and Redevelopment of Land, the Quitclaim Deed, and all such other executed agreements authorized by this resolution on file in the Office of the City Clerk.
9. The development of the Properties shall commence within three (3) months and be completed within eighteen (18) months from the transfer of ownership of the Properties by the City to the Redeveloper.
10. The Director of the Department of Economic and Housing Development is hereby authorized to execute a Quitclaim Deed to the Redeveloper for the Properties. Said Quitclaim Deed conveying title to the Properties to the Redeveloper shall be approved as to form and legality by the City’s Corporation Counsel and attested to and acknowledged by the City Clerk.
STATEMENT
This resolution authorizes an amendment to Resolution 7R2-g(AS), adopted on September 5, 2019, to remove the properties located at 827-829 Bergen Street, 831-833 Bergen Street, 835 Bergen Street, 837-839 Bergen Street, 841-843 Bergen Street, and 845 Bergen Street, identified on the Official Tax Map, respectively as Block 3590, Lots 33, 35, 36, 37, 38, 39, 40.01 and 40.02, from the resolution and the Agreement. All other parts of Resolution 7R2-g(AS), adopted on September 5, 2019, shall remain the same, and the following Properties shall be sold by private sale to Newark Interfaith, LLC, for the following purchase price.
|
Property Address |
Block |
Lot |
Square Feet |
Price Per Sq. Foot |
Price |
|
40-50 Kent Street |
2615 |
23 |
13,358.97 |
$4.00 |
$53,435.88 |
|
379-381 Avon Avenue |
2632 |
22 |
5,000 |
$4.00 |
$20,000.00 |
|
687-689 Clinton Avenue |
3008 |
1 |
6,482.10 |
$10.00 |
$64,821.00 |
|
522-524 Hawthorne Avenue |
3067 |
1 |
5,202 |
$10.00 |
$52,020.00 |
|
520 Hawthorne Avenue |
3067 |
3 |
2,000 |
$10.00 |
$20,000.00 |
|
510-512 Hawthorne Avenue |
3067 |
7.01 |
4,500 |
$10.00 |
$45,000.00 |
|
12-16 Wolcott Terrace |
3617 |
15,16 |
4,754.10 |
$4.00 |
$19,016.40 |
|
10 Wolcott Terrace |
3617 |
26 |
2,006.40 |
$4.00 |
$8,025.60 |
|
22-26 Wolcott Terrace |
3618 |
11 |
2,028.60 |
$4.00 |
$8,114.40 |
|
24 Patten Place |
3618 |
10 |
2,450 |
$4.00 |
$9,800.00 |
|
Total |
|
|
47,782.17 |
|
$300,233.28 |