Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Develop a parking facility and industrial warehouse
Entity Name: 3J's Development Group, LLC.
Entity Address: 500 Avenue P, Newark, New Jersey 07105
Sale Amount: $2,900,000.00
Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $2,632,000.00
Appraised Amount: $2,650,000.00
Contract Period: Construction of the parking facility to commence no later than 90 days after receiving all Governmental Approvals and completion of the industrial warehouse facility be completed no later than 3 years after completion of Groundwater Remediation
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)
646-696 Frelinghuysen Avenue Rear/Block 3782/Lot 109/South Ward
Additional Information:
body
WHEREAS, the purpose of this resolution is to approve the execution of a Redevelopment Agreement which provides for the sale and redevelopment of the following City-owned property:
ADDRESS WARD BLOCK LOT SQ. FEET
646-696 Frelinghuysen Ave. Rear South 3782 109 Approx. 217,800
(the "Property")
Total Purchase Price: $2,900,000.00, subject to certain credits; and
WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., as amended and supplemented (the "Act"), authorizes municipalities to participate in the redevelopment and improvement of areas that are in need of redevelopment or rehabilitation; and
WHEREAS, on July 14, 2004, the Frelinghuysen Avenue Airport Support Zone Redevelopment Plan ...
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