Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Redevelopment project for warehouse/distribution and/or light manufacturing uses (North Ward)
Entity Name: 2052 McCarter Industrial Urban Renewal, LLC.
Entity Address: 75 Parkhurst Street, Suite 5, Newark, New Jersey 07102
Sale Amount: $40,000.00
Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $1,532,100.00
Appraised Amount: $1,300,000.00
Contract Period: To commence within three (3) 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)
2052-2070 McCarter Highway/Block 827-01/Lot 12/North Ward
2078-2090 McCarter Highway/Block 827-01/Lot 11/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
2052-2070 McCarter Highway North 827-01 12
2052-2070 McCarter Highway North 827-01 11
Total Assessed Amount: $1,532,100.00
Total Appraised Amount: $1,300,000.00
Environmental Remediation Cost: $3,765,000.00
Total Negotiated Amount: $40,000.00; and
WHEREAS, 2052 McCarter Industrial Urban Renewal, LLC (the "Redeveloper"), a New Jersey corporation, 75 Parkhurst Street, Suite 5, Newark, New Jersey 07102, desires to enter in to an Agreement with the City of Newark for the purpose of undertaking a redevelopment project consisting of warehouse/distribution and/or light manufacturing u...
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