Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop properties into a mixed-use retail and affordable apartment complex.
Entity Name: MA Legacy Group, LLC
Entity Address: Newark, New Jersey 07112
Sale Amount: $148,800.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $515,300.00
Appraised Amount: $0.00
Contract Period: To be commenced within three (3) months and be completed within twenty-four (24) months following transfer of property 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)
827-829 Bergen Street/Block 3590/Lot 33/South Ward
831-833 Bergen Street/Block 3590/Lot(s) 35, 36/South Ward
835 Bergen Street/Block 3590/Lot 37/South Ward
837-839 Bergen Street/Block 3590/Lot(s) 38, 39/South Ward
841-843 Bergen Street/Block 3590/Lot 40.01/South Ward
845 Bergen Street/Block 3590/Lot 40.02/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 24,800 X $6.00 = $148,800.00.
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 properties located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
827-829 Bergen Street
3590
33
50X100 5,000
831-833 Bergen Street
835 Bergen Street
837-839 Bergen Street
841-843 Bergen Street
845 Bergen Street
3590
3590
3590
3590
3590
35,36
37
...
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