Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide a parking lot for patrons for adjacent business on 519 Broadway.
Entity Name: Bilal R. Naji
Entity Address: 77 North Midland Avenue, Kearny, New Jersey 07032
Sale Amount: $40,680.00
Cost Basis: ( X ) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $25,900.00
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)
65-67 Chester Avenue/Block 678/Lot 60/North Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 4,520 X $9.00 = $40,680.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned Property located in the North Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
65-67 Chester Avenue
678
60
40X113 4,520
Total Square Footage: 4,520
Purchase Price: $40,680.00 ($9.00 per s.f.); 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
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City of Newark is proceeding with the re...
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