Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To consolidate lots and merge with existing business as an automotive service company
Entity Name: Rex Properties LLC
Entity Address: 11 Ferdon Street, Newark, New Jersey 07105
Sale Amount: $7,586.74
Cost Basis: ( X ) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $23,500.00
Appraised Amount: $N/A
Contract Period: To commence within three (3) months and be completed within eighteen (18) 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)
270 Delancy Street/Block 1096/Lot 59/East Ward
272-276 Delancy Street/Block 1096/Lot 36/East Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 948.34 X $8.00 = $7,586.74.
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 East Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
270 Delancy Street
1096
59
26.4X15.4 406.56
272-276 Delancy Street
1096
36
76.2X7.11 541.78
Total Square Footage: 948.34
Purchase Price: $7,586.74 ($8.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Property") are no longer needed...
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