Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Authorization and Entry of Redevelopment Agreement for Sale of Block 51 Lots 1, 49, 50 and 59
Entity Name: Prudential Insurance Company of America
Entity Address: 751 Broad Street, 5th Floor, Newark, New Jersey 07102
Sale Amount: $ 3,080,000.00
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( x ) Other: Appraised Value
Assessed Amount: $731,400.00 (Lot 49); $333,000.00 (Lot 50); $710,000.00 (Lots 59 & 1); Combined total $1,774,400.00
Appraised Amount: $ 3,080,000.00
Contract Period:
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)
645-651 Broad Street/Block 51, Lot49/Central Ward
653-655 Broad Street/ Block 51, Lot 50/Central Ward
665-671 Broad Street/ Block 51, Lots 59 and 1/Central Ward
Additional Information:
Resolution 7RA(S) 021302, Designated properties as area in need of redevelopment
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WHEREAS, based upon the recommendation of the Central Planning Board, on February 13, 2002 the Municipal Council of the City of Newark (the “Municipal Council”) adopted Resolution 7RA(S) designating certain properties, including but not limited to, Block 51, Lots 1, 2, 6, 7, 8, 9, 10, 11, 14, 16, 17, 19, 22, 24, 32, 42, 49, 50, 53, 56, 59, 62, 64; and Block 52, Lots 4, 10, 18, 21, 22, 23, 26, 27, 32, 34, 38, 39, 41, and 46, as an Area in Need of Redevelopment as defined by the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq. (“LRHL”); and
WHEREAS, following the “Area in Need of Redevelopment” designation, the Municipal Council adopted The Living Dow...
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