Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To preserve and redevelop the property into approximately seven (7) units of affordable housing.
Entity Name: Life Management, Inc.
Entity Address: 77 Park Street, Montclair, NJ 07042
Sale Amount: $82,436.00
Cost Basis: (X ) $ 2.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $ 593,400.00
Appraised Amount: $ N/A
Contract Period: Commencing within three (3) months and completed within eighteen (18) months from the transfer of ownership.
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)
527-533 Mt. Prospect Ave./682/25/North
Additional Information:
N/A
Deferred 7R3-i 070313
body
WHEREAS, the purpose of this Resolution is to approve the private sale and redevelopment of the following City-owned property located in the North Ward of the City of Newark:
ADDRESS WARD BLOCK LOT(S) SIZE (APPROX.) SQ. FEET
527-533 North 682 25 101 X 287 41,218
Mt. Prospect
Ave.
Total Purchase Price: $82,436.00 ($2.00/Sq. Ft.)
WHEREAS, the City of Newark has determined that the above referenced property is 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 reasonable and said conveyance is made in conjunction with a Redevelopment Plan; and
WHEREAS, the Municipal Council previously adopted Resolutio...
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