Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Redevelopment of the Property
Entity Name: Rose Hill Plaza, LLC
Entity Address: 5 Rose Manor Drive, Newark, New Jersey 07106
Sale Amount: $ 2,120,000.00
Cost Basis: ( ) $ PSF ( X ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $3,932,300.00
Appraised Amount: $2,120,000.00
Contract Period: Thirty (30) days from issuance of all permits and completed within Nine (9) months
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)
491-557 Irvington Avenue/Block 4274/Lot 3/West Ward
Additional Information:
Ordinance 6S&FC 030601; Approved West Ward Redevelopment Plan and relocation of various City Owned parcels.
Ordinance 6S&FJ 112001; Approved First Amendment to West Ward Plan.
Ordinance 6S&FC(S) 081705; Approved Second Amendment to West Ward Plan.
Body
WHEREAS, the City, in connection with its efforts to redevelop the entire City, by Resolution 7RM,adopted May 4, 2005, directed the Central Planning Board of the City (the "Central Planning Board") to undertake an investigation to determine if the City satisfied the statutory criteria as an "area in need of rehabilitation" in accordance with the provisions of N.J.S.A. 40A:12A-14 of the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq. (the "Act"); and
WHEREAS, the Central Planning Board conducted the requested investigation in accordance with the Act, including a public hearing on June 6, 2005, after which hearing the Central Planning Board recommended the designation of the entire City as an "area in need of rehabilitation" to th...
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