Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Rehabilitation and Conversion to Market-Rate Apartments
Entity Name: Commerce 34 LLC
Entity Address: 34 Commerce Street, Newark, New Jersey 07102
Sale Amount: $700,000.00
Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $839,400.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) 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)
34 Commerce Street/Block 145/ Lot 28/ Central Ward
Additional Information:
Sale Price: Negotiated = $700,000.00
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties
body
WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned property located in the Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE SQ. FEET
34 Commerce Street
145
28
29X88.10 2,554.90
Total Square Footage: 2,554.90
Purchase Price: $700,000.00 (Negotiated Price); and
WHEREAS, N.J.S.A. 40A:12-13(a) provides that a municipality may sell any real property with or without capital improvements, not needed for public use, by open public sale at auction to the highest bidder after advertisement thereof in a newspaper circulated within the City; and
WHEREAS, N.J.S.A. 40A:12-13(a) further permits the City to establish a minimum bid pric...
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