Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Redevelopment of the property for use as a professional community boxing gym
Entity Name: Ibn-Ali Boxing Club
Entity Address: 699 Springfield Avenue, Newark, New Jersey 7103
Sale Amount: $11,300.00
Cost Basis: (X ) $2.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $204,300.00
Appraised Amount: $N/A
Contract Period: To commence within (3) months and be completed within (18) months from the transfer of ownership by the City.
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions (X ) RFP ( ) RFQ
(X) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
308-310 Clinton Place//Block 3633/Lot 10/South Ward
Additional Information:
Actual calculation; 5,655 sq. ft. X $2.00 = $11,310.00
body
WHEREAS, the purpose of this resolution is to approve the private sale and redevelopment of the following City-owned property located in the South Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
308-310 Clinton Place South 3633 10 50X113.10 5,655
Total Purchase Price: $11,300.00 (approx. $2.00/Sq. Ft.); and
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 previous...
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