Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Development of (45) units of affordable housing with ground floor commercial space
Entity Name: Bergen Street Redevelopment, LLC
Entity Address: 450 Washington Street, Newark, New Jersey 07102
Sale Amount: $70,988.20
Cost Basis: ( X ) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $463,900.00
Appraised Amount: N/A
Contract Period: commenced within (3) months and be completed within (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
( X ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
1037-1047 Bergen St., Newark, NJ 07112, Block 3661, Lots 3/South Ward
1057-1059 Bergen St., Newark, NJ 07112, Block 3660 Lot 11/South Ward
Additional Information:
Block 3661, Lots 5 and 8 were merged into Lot 3
No Action Taken, November 20, 2012
body
WHEREAS, the purpose of this Resolution is to approve the private sale and redevelopment of the following City-owned properties located in the South Ward of the City of Newark:
ADDRESS WARD BLOCK LOT(S) SIZE SQ. FEET
1037-1047 Bergen St. South 3661 3, 5, 8 151.2 X 90.5 13,683.60
Newark, NJ 07112
1057-1059 Bergen St. South 3660 11 44.9 X 90.5 4,063.45
Newark, NJ 07112
; and
WHEREAS, the City of Newark has determined that the above referenced properties are City-owned and not needed for municipal purposes; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City of Newark is proceeding with the redevelopment of these areas and is conveying properties at such prices and upon such terms as it deems re...
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