Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Lease Property to Interim Redeveloper for use as parking facility.
Entity Name: 3 J's Development Group, LLC
Entity Address: 500 Avenue P, Newark, New Jersey 07105
Sale Amount: $12,000.00/month
Cost Basis: ( ) $ PSF ( X ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $2,632,000.00
Appraised Amount: $2,650,000.00
Contract Period: Effective Date of Interim Redevelopment Agreement through closing or as otherwise provided in accordance with the terms of the Interim Redevelopment Agreement.
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)
646-696 Frelinghuysen Avenue Rear/Block 3782/Lot 109/South Ward
Additional Information:
This Interim Redevelopment Agreement is related to 7R2-c, adopted on April 4, 2018 (the Original Redevelopment Agreement), and Legistar #18-1503, which allows for this Interim Redevelopment Agreement.
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WHEREAS, the purpose of this resolution is to approve the execution of an Interim Redevelopment Agreement which provides for the occupancy of the following City-owned property for a term:
ADDRESS WARD BLOCK LOT SQ. FEET
646-696 Frelinghuysen Ave. Rear South 3782 109 Approx. 217,800
(the "Property"); and
Rent: $12,000.00 per month; and
WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., as amended and supplemented (the "Act"), authorizes municipalities to participate in the redevelopment and improvement of areas that are in need of redevelopment or rehabilitation; and
WHEREAS, on J...
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