Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( X ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Authorizing First Amendment to the Redevelopment Agreement with Morris Doremus Avenue Associates Urban Renewal, LLC, authorized by Resolution 7Rp adopted on May 3, 2006, to remediate and redevelop City-owned property.
Entity Name: Morris Doremus Avenue Associates Urban Renewal, LLC
Entity Address: 350 Veterans Boulevard, Rutherford, New Jersey 07070
Sale Amount: $226,000.00
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( X ) Other: Appraised Value
Assessed Amount: $146,800.00
Appraised Amount: $226,000.00
Contract Period: Construction to be commenced within two (2) months after construction permits are issued and to be completed within forty-eight (48) months from the Redeveloper's acquisition of all property needed for the redevelopment.
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)
191-269 Doremus Avenue Rear/Block 5016/Lot 6/East Ward
173-189 Doremus Avenue/Block 5016.01/Lot 20/East Ward
Additional Information:
Total Square Footage: 18,009
Total Purchase Price (Appraised Value): $226,000.00 (Approx. $12.55 per sf)
Resolution 7RP, adopted on May 3, 2006, designated Morris Doremus Avenue Associates, LLC as the Redeveloper of the property.
body
WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned property:
ADDRESS WARD BLOCK LOT SQ. FEET
191-269 Doremus Avenue Rear East 5016|99| 5,009
173-189 Doremus Avenue East 5016.01 20 13,000
Total Square Footage: 18,009
Total Purchase Price (Appraised Value): $226,000.00 (Approx. $12.55/sf);
(collective...
Click here for full text