Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To use as an extension to a current development project
Entity Name: 34 Jersey U R LLC
Entity Address: 1 Julius Way, Lakewood, New Jersey 08701
Sale Amount: $2,600,000.00
Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $920,100.00
Appraised Amount: $3,700,000.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) 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)
34-48 Jersey Street/Block 171/ Lot 41/ East Ward
Additional Information:
Sale Price: Negotiated = $2,600,000.00
The difference between the sale price and appraised value is being offset by the Redeveloper's proposed construction of a boardwalk on the property, with an estimated cost ranging from One Million One Hundred Thousand Dollars and Zero Cents ($1,100,000.00) to One Million Three Hundred Fifty Thousand Dollars and Zero Cents ($1,350,000.00)
body
WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned property located in the East Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE SQ. FEET
34-48 Jersey Street
171
41
177.4X152.2 27,000.28
Total Square Footage: 27,000.28
Purchase Price: $2,600,000.00 (Negotiated Price); and
WHEREAS, N.J.S.A. 40A:12-13(a) provides that a municipality may sell any real property with or without capital improvements, not needed ...
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