Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Sale of City owned land for redevelopment purposes
Entity Name: VerNewark Associates, LLC
Entity Address: 401 South Street Newark, New Jersey 07105
Sale Amount: $220,000.00
Cost Basis: ( ) $ PSF ( x ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $
Appraised Amount: $
Contract Period: Start and end dates
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
373-383 South Street/Block 5088/Lot 178/East Ward
373-395 South Street R/Block 5088/ Lot 142/East Ward
Additional Information:
Entity entitled to a $200,000.00 credit for cost related to environmental remediation Entity plans to expand the existing container business of Kearny Steel Container
Ordinance 6S&FE 092105; 1st Amendment to East Ward Redevelopment Plan
Ordinance 6S&FF 060601; Approved East Ward Redevelopment Plan
Resolution 7RD)(AS) 061505; Designated City "Area in need of Rehabilitation"
body
WHEREAS, in connection with the City's efforts to redevelop the entire City, the Municipal Council of the City of Newark (the "Municipal Council") adopted Resolution 7RM on May 4, 2005 directing the Central Planning Board of the City of Newark (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 "LRHL"); and
WHEREAS, the Central Planning Board conducted the requested i...
Click here for full text