Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a multi-unit apartment building with 3 market rate rentals and 1 owner occupied.
Entity Name: TMA Urban Real Property Development Group LLC
Entity Address: 972 Broad Street,1st Fl, Newark, New Jersey 07102
Sale Amount: $70,131.60
Cost Basis: (X) $14.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $44,600.00
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)
63-65 Fabyan Place/ Block 3081/ Lot 1/ South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 5,009.4 X $14.00 = $70,131.60.
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
63-65 Fabyan Place
3081
1
50.6X99 5,009.4
Total Square Footage: 5,009.4
Purchase Price: $70,131.60 (14.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned property (the "Property") is no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City of N...
Click here for full text