Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct a 30,000 sq. ft. industrial storage facility with 5,000 sq. ft. of office space
Entity Name: 152 Rutherford Street Urban Renewal, LLC
Entity Address: 124 Polk Street, Box S-2, Newark, New Jersey 07105
Sale Amount: $200,000.00
Cost Basis: ( ) PSF (X ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $547,100.00
Appraised Amount: $1,040,000.00
Contract Period: To commence within six (6) 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)
152-164 Rutherford Street/Block 5056/Lot 20/East Ward
Additional Information:
Total Lot Square Footage: $64,599.48
Assessed Amount: $547,100.00
Appraised Amount: $1,040,000.00
Environmental Credit Amount: -$840,000.00
Negotiated Sale Price: $200,000.00
body
WHEREAS, the purpose of this resolution is to approve the sale and rehabilitation of the following City-Owned property located in the East Ward of the City of Newark (the "Property"):
ADDRESS WARD BLOCK LOTS SQ. FT.
152-164 Rutherford Street EAST 5056 20 64,599.48
Assessed Amount: $547,100.00
Appraised Amount: $1,040,000.00
City Environmental Credit: -$840,000.00
Negotiated Sale Price: $200,000.00; and
WHEREAS, the City has determined that the above-referenced City-owned property (the "Property") is no longer needed for any public use and that the redevelopment of the Property will ...
Click here for full text