Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Redevelop/reconstruct existing apartments into seventeen (17) affordable housing rental units
Entity Name: Essex Property Management Group, LLC
Entity Address: 59 East Runyon St., Newark, New Jersey 07114
Sale Amount: $343,750.00
Cost Basis: ( ) $4.00 PSF ( X ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $647,000.00
Appraised Amount: $N/A
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 (X ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
611-613 Clinton Avenue/Block 3004/Lot 30/South Ward
Additional Information:
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 property located in the South Ward of the City of Newark:
ADDRESS
WARD
BLOCK
LOT
SIZE
SQ. FEET
UNITS
611-613
Clinton Avenue
South
3004
30
50X85
4,250
17
Total Purchase Price: $343,750.00 (approx. $20,220.59 per unit); and
WHEREAS, the City of Newark 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 Newark is proceeding with the redevelopment and/or rehabilitation of the area and is conveying properties at such prices and upon such terms as it deems reasonable and said conveyance is made in conjunction with the applicable Redevelopment Plan, as amended; and
WHERE...
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