Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Rehabilitate the property by reconstructing the existing apartments into twelve (12) rental units
Entity Name: IBN Construction Corp.
Entity Address: 49 Hermon Street, Newark, New Jersey 07105
Sale Amount: $105,000.00
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A (X ) Other: Proposal
Assessed Amount: $61,500.00
Appraised Amount: $N/A
Contract Period: To be commenced within 3 months and be completed within 18 months from the transfer of ownership by the City.
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions (X ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
312-314 Mt. Prospect Avenue/Block 558/Lot 6/North Ward
Additional Information:
body
WHEREAS, the purpose of this resolution is to approve the sale and rehabilitation, of the following City-owned property located in the North Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE UNITS
312-314 Mt. Prospect Ave. North 558 6 50X200 12
Total Purchase Price: $105,000.00; and
WHEREAS, the City of Newark has determined that the above referenced City-owned property (the "Property") is no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City of Newark is proceeding with the redevelopment and/or rehabilitation of the area and is conveying properties at such prices and upon such terms as it deems reasonable and said conveyance is made in conjunction with the applicable Redevelopment Plan, as amended; and
WHEREAS, the Municipal Council prev...
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