Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To renovate existing retail structure and lease out property to retail users at market rate.
Entity Name: Actreo LLC
Entity Address: 353 West 39th Street, Suite 3N, New York, New York 10018
Sale Amount: $50,000.00
Cost Basis: ( ) $ PSF ( X ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $177,900.00
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)
541 Clinton Avenue/Block 3001/ Lot 30/South Ward
Additional Information:
Sale Price: Negotiated Price = $50,000.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
Deferred 7R2-i 080724
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WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned Property located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
541 Clinton Avenue
3001
30
20.7X75.8 1,569.06
Total Square Footage: 1,569.06
Purchase Price: $50,000.00 (Negotiated Price); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Property") are no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City of Newark is proceeding with the rehabili...
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