Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Proposed construction of a six-story mixed-use development consisting of commercial space on the ground floor and 28 residential units above, with 20% of the residential units reserved as affordable housing.
Entity Name: Emmoli Ventures Inc.
Entity Address: 1006 Park Avenue, Plainfield, New Jersey, 07060
Sale Amount: $400,000.00
Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $219,600.00
Appraised Amount: N/A
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)
502-504 Clinton Avenue /Block 2687/ Lot 51/ South Ward
Additional Information:
Sale Price: Negotiated = $400,000.00
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
SIZE SQ. FEET
502-504 Clinton Avenue
2687
51
50.02X100 5,002
Total Square Footage: 5,002
Purchase Price: $400,000.00 (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 auction to the highest bidder after advertisement thereof in a n...
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