Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide new construction of two-unit apartment buildings on each lot.
Entity Name: Baker Capital Partners, LLC
Entity Address: North Plainfield, New Jersey 07060
Sale Amount: $39,020.40
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $46,800.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) months
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)
289 Chadwick Avenue/Block3597/Lot 22/South Ward
291 Chadwick Avenue/Block 3597/Lot 23/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 6,503.40 X $6.00 = $39,020.40.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned properties located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
289 Chadwick Avenue
3597
22
35.4X107.4 3,801.96
291 Chadwick Avenue
3597
23
25.2X107.2 2,701.44
Total Square Footage: 6,503.40
Purchase Price: $39,020.40 ($6.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Properties") are no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), t...
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