Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Create extended parking for the entity's adjacent business at 74 Parkhurst Street
Entity Name: PBJ Realty Company, LLC.
Entity Address: 27 Austin Street, Newark, New Jersey 07114
Sale Amount: $55,000.00
Cost Basis: ( ) PSF ( ) Negotiated ( ) N/A (X) Other: Appraised Value
Assessed Amount: $65,300.00
Appraised Amount: $55,000.00
Contract Period: To commence within three (3) months and be completed within twelve (12) months from the transfer of ownership by the City
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)
76 Parkhurst Street/Block 900/Lot 12/East Ward
Additional Information:
Property sold for appraised value equivalent to $25.8519 per square foot
body
WHEREAS, the purpose of this resolution is to approve the sale and rehabilitation of the following City-owned Property located in the East Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SQ. FEET
76 Parkhurst Street East 900 12 2127.5
Total Purchase Price: $55,000.00 ($25.8519.00 per sf.); 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 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
WHEREAS, the Municipal Council previously adopted Resolu...
Click here for full text