Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construction of a residential development with a minimum of 16 units. The project may also include subdivision of the rear lot to allow for additional three-family homes.
Entity Name: Clinton View, LLC
Entity Address: 40 Clifton Street, Newark, New Jersey 07114
Sale Amount: $972,000.00
Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $227,500.00
Appraised Amount: N/A
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)
176-178 Clinton Avenue/Block 2802/ Lot 47/ South Ward
Additional Information:
Sale Price: Negotiated = $972,000.00
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 South Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE SQ. FEET
176-178 Clinton Avenue
2802
47
54.2X227 12,303.4
Total Square Footage: 12,303.4
Purchase Price: $972,000.00 (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;...
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