Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To redevelop the existing structure to create a textile training facility with office and community space.
Entity Name: Aasia and Madison Foundation, Inc., a New Jersey Non-profit Corporation
Entity Address: 160 Hobson Street, Newark, New Jersey 07112
Sale Amount: $51,700.00
Cost Basis: (X ) $11.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $290,600.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months following transfer of property 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)
37-41 Jones Street/Block 239/Lot 1/Central Ward
Additional Information:
Total Sale Price: Total Square Footage X PSF = 4,700 X $11.00 = $51,700.00
body
WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned property located in the Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SQ. FEET
37-41 Jones Street
239|1010|4,700
Purchase Price: $51,700.00 ($11.00 per sf.); 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
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City is proceeding with the rehabilitation of the area and is conveying property at such prices and upon such terms as it deems reasonable, and said conveyance is made in conjunction with the applicable Redevelopment Plan, as amended; and
WHEREAS, the Municipal Council previously adopt...
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