Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate the current existing building and the new construction of a one (1) story warehouse.
Entity Name: JTG Developers, LLC
Entity Address: 312 Emmet Street, Newark, New Jersey 07114
Sale Amount: $554,400.00
Cost Basis: (X) $11.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $1,530,300.00
Appraised Amount: $0.00
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)
Foot of Emmet Street/Block 1150/Lot 3/East Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 50,400 X $11.00 = $554,400.00.
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 East Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
Foot of Emmet Street
1150
3
126X400 50,400
Total Square Footage: 50,400
Purchase Price: $554,400.00 ($11.00 per sq. ft.); 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 Newark is proceeding with the rehabilitation of the area an...
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