Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Redevelopment Agreement
Purpose: Rescind and Authorize a Redevelopment Agreement for the construction of a health care center; veterans housing facility with ground floor retail; and modest parking area
Entity Name: 432-446 South Orange Avenue, LLC.
Entity Address: 228 Lafayette Street, 2nd Floor, Newark, New Jersey 07105
Sale Amount: $610,000.00
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( X ) Other: Appraisal
Assessed Amount: $527,900.00
Appraised Amount: $610,000.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) months from the transfer of ownership from the City
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions (X) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
432-434 South Orange Avenue/Block 318/Lot 8/West Ward
436-440 South Orange Avenue/Block 318/Lot 4/West Ward
442-446 South Orange Avenue/Block 318/Lot 1/West Ward
454-462 South Orange Avenue/Block 319/Lot 21/West Ward
476 South Orange Avenue/Block 320/Lot 4/West Ward
Additional Information:
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WHEREAS, the purpose of this Resolution is to rescind Resolution 7R2-c, adopted on October 24, 2018, which rescinded Resolution 7R2-b (S/AS), adopted on November 21, 2017 and to approve a new Agreement for the Sale and Redevelopment of Land (the "Agreement") in regards to the following City-owned Properties located in the West Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
432-434 So. Orange Ave West 318 |99|51.11X100 5,111.00
436-440 So. Orange Ave West 318 |99|78.4X100 7,840.00
442-446 So. Orange ...
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