Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying ( x ) Authorizing ( x ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a 4-story building with 25 affordable residential units and 14 parking spaces
Entity Name: 757 Sanford Management, LLC
Entity Address: 124 Polk Street, Box #S-2, Newark, New Jersey 07105
Sale Amount: $150,000.00
Cost Basis: ( X ) $15.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $279,300.00
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)
757-763 Sandford Avenue/ Block 4131/ Lot 5,6,7,8/ West Ward
Additional Information:
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WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., as amended and supplemented (the "Redevelopment Law"), authorizes municipalities to participate in the redevelopment and improvement of areas that are in need of redevelopment or rehabilitation; and
WHEREAS, in order to stimulate the reinvigoration of the City, by Resolution 7Rdo(AS) 061505 adopted on June 15, 2005, the entire City was designated as an area in need of rehabilitation pursuant to the Redevelopment Law; and
WHEREAS, the Municipal Council of the City of Newark (the "Municipal Council") then approved the West Ward Redevelopment Plans, including any amendments, for the Redevelopment Area within which the Properties is located (the "Redevelopment Plans"); and
WHEREAS, the City has determined that the Properties are n...
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