Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Redevelopment of the Property
Entity Name: 810 Broad Street Urban Renewal Company, LLC
Entity Address: 45 Academy Street, Suite 205, Newark, New Jersey 07102
Sale Amount: $ 220,000.00
Cost Basis: $ PSF ( X ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $ 171,400.00
Appraised Amount: $ 220,000.00
Contract Period: Commencing within thirty (30) days from the issuance of all permits and completed within twenty four (24) 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)
17-19 Edison Place/Block 164/Lot 92/East Ward
Additional Information:
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WHEREAS, the City, in connection with its efforts to redevelop the entire City, by Resolution 7RM, adopted on 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 adopted a resolution recommending the designation of the entire City as an "area in need of rehabilitation" to the City Administration and Municipal Council; and
WHEREAS, on June 15, 2005, the Municipal Council adopted Resolution 7RD0 (A.S.), based upon th...
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