Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide new construction of City-owned property into a multi-purpose building, including a funeral home, grief counseling center, youth entrepreneur center and a banquet hall.
Entity Name: Islamic Burial Services, LLC
Entity Address: Newark, New Jersey 07107
Sale Amount: $128,040.00
Cost Basis: ( ) PSF ( ) Negotiated ( ) N/A (X) Other: $128,040.00
Assessed Amount: $426,800.00
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)
502 South Orange Avenue/Block321/Lot 1/West Ward
500 South Orange Avenue/Block321/Lot 2/West Ward
498 South Orange Avenue/Block321/Lot 3/West Ward
Additional Information:
Total Price: 30% X Other: Assessed Amount = .30 X $426,800.00 = $128,040.00.
Sales 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 properties located in the West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
502 South Orange Avenue
321
1
26X71.8 1,866.80
500 South Orange Avenue
321
2
26.7X71.8 1,917.06
498 South Orange Avenue
321
3
25X100 2,500
Total Square Footage: 6,283.86
Purchase Price: ...
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