Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construction of distribution center and/or manufacturing facility and a police gun range
Entity Name: Doremus Newark II, LLC
Entity Address: 704-738 Doremus Ave., Newark, NJ (c/o Donald A. Levine, Equity Industrial Partners Corp., 145 Rosemary Street, Suite E, Needham, Massachusetts, 02494
Sale Amount: $4,450,000.00 ($667, 500. at closing & $3,782,500. as a note and mortgage)
Cost Basis: ( ) $____ PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $2,766,000.00
Appraised Amount: Not Provided
Contract Period: Sixty (60) days from issuance of all permits through twelve (12) months of commencement
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)
704-738 Doremus Avenue/ Block 5074/ Lot 1/East
Additional Information:
Further rescinds previously authorized sale to Glopak Corp. by Resolution: 7RD 100406