Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To use existing lot to provide parking to adjacent property owned by Akram and Associates Holdings, LLC, located at 593 Springfield Avenue, Block 2620, Lot 7, Newark, New Jersey 07103.
Entity Name: ARA Construction LLC
Entity Address: 317 South Orange Avenue, Newark, New Jersey, 07103
Sale Amount: $15,997.50
Cost Basis: ( X ) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $52,200.00
Appraised Amount: $N/A
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)
589 Springfield Avenue/Block 2620/Lot 9/ South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 1,777.5 X $9.00 = $15,997.50.
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-e 080724
body
WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned Property located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
589 Springfield Avenue
2620
9
25X71.10 1,777.5
Total Square Footage: 1,777.5
Purchase Price: $15,997.50 ($9.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned property (the "Property") is no ...
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