Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To use as an extension to a current development project
Entity Name: 34 Jersey U R LLC
Entity Address: 1 Julius Way, Lakewood, New Jersey 08701
Sale Amount: $173,076.80
Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $1,758,900.00
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)
20-32 Jersey Street/Block 171/ Lot 42/ East Ward
Additional Information:
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
SQ. FEET
20-32 Jersey Street
171
42
17,307.68
Total Square Footage: 17,307.68 (remaining Sq. Feet must remain a park per Property Zoning)
Purchase Price: $173,076.80 (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 newspaper circulated within the City; and
WHEREAS, N.J.S.A. 40A:12-13(a) further permits the City to establish a minimum bid price and to reserve its right to reject any and all bids with the reservation of the right to reject all bids where the highest bid is not accepted; and
WHEREAS, the City of Newark ...
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