Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construction of a five-story mixed-use building consisting of commercial space, residential units, and on-site parking
Entity Name: Lagoon Property Development LLC
Entity Address: 115 S 8th Street, Newark, New Jersey, 07107-0710
Sale Amount: $653,000.00
Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $233,100.00
Appraised Amount: $817,000.00
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)
520 Clinton Avenue /Block 3019/ Lot 8/ South Ward
522-524 Clinton Avenue / Block 3019/ Lot 9 and 10/ South Ward
Additional Information:
Sale Price: Negotiated = $653,000.00
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties
body
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
520 Clinton Avenue
3019
|910| 25X134.5 3,362.50
522-524 Clinton Avenue
3019
9,10
50X125 6,250
Total Square Footage: 9,612.50
Purchase Price: $653,000.00 (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 for public use, by open public sale at auc...
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