Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To continue to operate a private career institute serving as Leaders for Life Academy High School rehabilitate two (2) classrooms, two (2) computer labs, common study area and industrial kitchen for classes.
Entity Name: Leaders for Life, Inc.
Entity Address: 84-86 Clinton Place, Newark, New Jersey 07108
Sale Amount: $198,660.00
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A (X) Other: 30% Assessed Amount
Assessed Amount: $662,200.00
Appraised Amount: $0.00
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)
84-86 Clinton Place/Block 3035/Lot 10/South Ward
Additional Information:
Sale Price: Total Assessed Value X 30% = $662,200.00 X.30 = $198,660.00.
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(S)
SIZE SQ. FEET
84-86 Clinton Place
3035
10
57X100 5,700
Total Square Footage: 5,700
Purchase Price: $198,660.00 (30% of assessed value - $662,200.00); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced Cit...
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