Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To authorize the private sale and redevelopment of six properties located at Block 2556, Lots 1, 61 & 62 and Block 2563, Lots 1, 75 & 76
Entity Name: Old Third Ward Redevelopment, LLC
Entity Address: 3 East Stow Road, Marlton, New Jersey 08053
Sale Amount: $ 3,712,000.00
Cost Basis: ( ) $ 2.00 PSF (X ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $ 14,639,200.00
Appraised Amount: N/A
Contract Period: Within eighteen (18) months of the commencement of both Phase I and II
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)
1-55 Somerset Street /Block 2556/ Lot 1/Central Ward
136-146 Spruce Street /Block 2556/ Lot 61/Central Ward
28-82 Barclay Street /Block 2556/ Lot 62/Central Ward
84-140 Barclay Street /Block 2563/ Lot 1/Central Ward
135-145 Spruce Street /Block 2563/ Lot 75/Central Ward
57-117.5 Somerset Street /Block 2563/ Lot 76/Central Ward
Additional Information:
The Redevelopment Project will consist of a total of one hundred sixteen (110) units of deed restricted rental housing and two (2) parks with a size equal to or greater than the square footage of the existing parks on the property.
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WHEREAS, on November 29, 2011 the Municipal Council of the City of Newark adopted Resolution 7R3-A(S) authorizing the Mayor and Deputy Mayor/Director of the Department of Economic and Housing Development to enter into a contract with Old Third Ward Redevelopment, LLC ,3 East Stow Road, Marlton, New Jersey 08053, for the private sale and redevelopment of a portion of six (6) City-owned properties shown on the Official Tax Ma...
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