Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Redevelop vacant lots into a paved, striped, and fenced parking lot to be used as ancillary parking to support the businesses at 95 Broadway.
Entity Name: LB Associates, LLC
Entity Address: 175 Mt. Pleasant Ave., Newark, New Jersey 07104
Sale Amount: $30,000.00
Cost Basis:) $4.00 PSF ( X ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $210,600.00
Appraised Amount: $229,000.00
Contract Period: To be commenced within 3 months and be completed within 18 months from the transfer of ownership by the City.
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)
265 Broad Street/Block 442.01/Lot 24/Central Ward
267 Broad Street/Block 442.01/Lot 25/Central Ward
2671/2 Broad Street/Block 442.01/Lot 58/Central Ward
269 Broad Street/Block 442.01/Lot 59/Central Ward
Additional Information:
Total Square Footage = 7,270.89
body
WHEREAS, the purpose of this resolution is to approve the sale and redevelopment and/or rehabilitation, as may be applicable, of the following City-owned properties located in the Central Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
265 Broad Street Central 442.01 24 19.9X100 1,990.00.
267 Broad Street Central 442.01 25 19.9X89 1,771.10
2671/2 Broad Street Central 442.01 58 19.9X87.1 1,733.29
269 Broad Street Central 442.01 59 20.9X85 1,776.50
Total Sq. Ft. 7,270.89
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