Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop a community center that will house small business incubator spaces, a meeting hall in addition to affordable meeting/event rental spaces.
Entity Name: Alpha Alpha Lambda Community Development, Inc.
Entity Address: 590 Bloomfield Avenue, #336, Bloomfield, New Jersey 07003
Sale Amount: $78,000.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $166,700.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) months following transfer of property ownership from the City to the Redeveloper
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)
13 16th Avenue/Block 254/Lot 33/Central Ward
15 16th Avenue/Block 254/Lot 34/ Central Ward
294-296 Hunterdon Street/Block 254/Lot(s) 38,39/ Central Ward
292 Hunterdon Street/Block 254/Lot 40/ Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 13,000 X $6.00 = $78,000.00
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
body
WHEREAS, the Department of Economic and Housing Development desires to approve the sale and redevelopment of the following City-owned properties located in the Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE
SQ. FEET
13 16th Avenue
254
33
30X100
3,000
15 16th Avenue
254
34
25X100
2,500
294-296 Hunterdon Street
254
38,39
50X100
5,000
292 Hunterdon Street
254
40
21X100
2,500
Purchase Price: $78,000.00 ($6.00 per sq.ft.); and
WHEREAS, the...
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