Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying ( ) Authorizing (X ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Amending Resolution 7R3-b December 5, 2012, and entering into a First Amended Redevelopment Agreement
Entity Name: Bergen Street Redevelopment Urban Renewal, LLC
Entity Address: 953 Bergen Street, Newark, New Jersey 07112
Sale Amount: $70,988.20
Cost Basis: ( X ) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $896,400.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months from the transfer of ownership by the City.
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( X ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
1037-1047 Bergen Street/Block 3661/Lot 3, 5, 8/South Ward
1057-1059 Bergen Street/Block 3660/Lot 11/South Ward
Additional Information:
body
WHEREAS, Resolution 7R3-b adopted on December 5, 2012, authorized the Mayor and/or his designee and the Deputy Mayor/Director of Economic and Housing Development to enter into and execute a redevelopment agreement with Bergen Street Redevelopment, LLC, for the private sale and redevelopment of the following City-owned properties for the purpose of undertaking the construction of 45 units of affordable housing with ground floor commercial space ("Redevelopment Agreement"):
ADDRESS WARD BLOCK LOT(S) SIZE SQ. FEET
1037-1047 Bergen Street South 3661 3, 5, 8 151.2X90.5 13,683.60
1057-1059 Bergen Street South 3660 11 44.9X90.5 4,063.45
Total Square Footage: 17,747.05
Total Purchase Price: $70,988.20 ($4.00/Sq. Ft.); and...
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