File #: 17-1997    Version: 1 Name: Ferreira Properties, LLC
Type: Resolution Status: Adopted
File created: 11/16/2017 In control: Economic and Housing Development
On agenda: 7/2/2019 Final action: 7/2/2019
Title: Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To demolish structure on property and use for existing business on adjacent property. Entity Name: Ferreira Properties, LLC Entity Address: 69 Trocha Avenue, Livingston, New Jersey 07039 Sale Amount: $31,500.00 Cost Basis: (X) $12.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $100,400.00 Appraised Amount: $0.00 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) 28 Austin Street/Block 902/Lot 9/East Ward Additi...
Sponsors: Carlos M. Gonzalez, John Sharpe James
Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To demolish structure on property and use for existing business on adjacent property.
Entity Name: Ferreira Properties, LLC
Entity Address: 69 Trocha Avenue, Livingston, New Jersey 07039
Sale Amount: $31,500.00
Cost Basis: (X) $12.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $100,400.00
Appraised Amount: $0.00
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)
28 Austin Street/Block 902/Lot 9/East Ward
Additional Information:
Total Square Footage = 2,625 X $12.00 = $31,500.00

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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 SIZE28 Austin Street East 902 9 2,625 40X113

Total Purchase Price: $31,500.00 ($12.00 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 Property 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 Resolution 7Rdo(AS...

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