Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate and redesign into a modern sales facility for pre-owned motor vehicles.
Entity Name: Madison Investors, LLC
Entity Address: Union, New Jersey 07083
Sale Amount: $146,460.00
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A (X ) Other: 30% of assessed amount
Assessed Amount: $488,200.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) 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)
343-351 South Street/5088/Lot 1/ East Ward
Additional Information:
Sale Price: 30% of Assessed Value, $488,200.00 X .30 = $146,460.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
Deferred 7R2-c080223
body
WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned property located in the East Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
343-351 South Street
5088
1
125X100 12,500
Total Square Footage: 12,500
Purchase Price: $146,460.00 (30% of assessed value); and
WHEREAS, the City of Newark (the "City") 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 proceedin...
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