Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To reconstruct the property as a mixed-use property to be used as the company's new headquarters, training center, and living quarters for its staff.
Entity Name: CODEIT Development, a New Jersey Nonprofit Corporation
Entity Address: 89 Market Street, 4th Floor, Newark, New Jersey 07102
Sale Amount: $20,216.00
Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $99,900.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) months from the 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)
24 Hudson Street/Block 2850/Lot 44/Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 2,527 X $8.00 = $20,216.00.
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 Department of Economic and Housing Development seeks 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
SIZE
SQ. FEET
24 Hudson Street
2850
44
26.6X95
2,527
Purchase Price: $20,216.00 ($8.00 per Sq. Ft.); and
WHEREAS, the City of Newark 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 of Newark is proceeding with the rehabilitation of the area and is conveying proper...
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