Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct a 4-story business resource center. The center will provide cubicles for private work spaces, conference rooms, classrooms for lectures and community meetings.
Entity Name: Partnership West Inc.
Entity Address: 1044 South Orange Avenue, Newark, New Jersey 07106
Sale Amount: $63,000.00
Cost Basis: ( X ) $18.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $71,000.00
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)
569-571 South Orange Avenue/Block 1789/ Lot 37/ West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 3,500 X $18.00 = $63,000.00.
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 purpose of this Resolution is to approve the sale and redevelopment of the following City-owned property located in the West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
569-571 South Orange Avenue
1789
37
35X100 3,500
Total Square Footage: 3,500
Purchase Price: $63,000.00 ($18.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned property (the "Property") is no longer needed for public use; and
WHE...
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