Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Office building and parking redevelopment project on Haynes Street (South Ward)
Entity Name: 133 Haynes Avenue Urban Renewal, LLC.
Entity Address: 77 Parkhurst Street, Suite 5, Newark, New Jersey 07102
Sale Amount: $50,000.00
Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $1,161,700.00
Appraised Amount: $1,100,000.00
Contract Period: To commence within three (3) months and be completed within two (2) years 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)
133 Haynes Avenue/Block 5090/Lot 2/South Ward
Additional Information:
body
WHEREAS, the purpose of this resolution is to approve the sale and rehabilitation, of the following City-owned property located in the South Ward of the City of Newark:
ADDRESS WARD BLOCK LOT
133 Haynes South 5090 |910|
Total Assessed Amount: $1,161,700.00
Total Appraised Amount: $1,100,000.00
Environmental Remediation Cost: $2,143,350.00
Total Negotiated Amount: $50,000.00; and
WHEREAS, 133 Haynes Avenue Urban Renewal, LLC (the "Redeveloper"), a New Jersey corporation located at 77 Parkhurst Street, Suite 5, Newark, New Jersey 07102, desires to enter into an Agreement with the City of Newark (the "City") for the purpose of undertaking a redevelopment project consisting of an Office Building and approximately 133 parking spaces for the development of a truck/car rental and sales company; and
WHEREAS, in order to stimulate the reinvigoration of the City, by Resolut...
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