Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of three (3) two-family homes to be sold at market rate.
Entity Name: Bergen Street Urban Redevelopment, LLC
Entity Address: 49 Hermon Street, Newark, New Jersey 07105
Sale Amount: $162,800.00
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( X ) Other: Assessed Value
Assessed Amount: $162,800.00
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)
612 Bergen Street/Block 2685/Lot 3/South Ward
616 Bergen Street/Block 2685/Lot 1/South Ward
102 Madison Avenue/Block 2685/Lot 4/South Ward
Additional Information:
Sale Price: 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 West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
612 Bergen Street
2685
3
24.8X73 1,810.4
616 Bergen Street
2685
1
25X80 2,000
102 Madison Avenue
2685
4
32X78.4 2,508.8
Total Square Footage: 6,319.2
Purchase Price: $162,800.00; and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Property") are no longer needed for public use; and
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