Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Redevelop vacant land to expand adjacent business and build 2nd floor residential units.
Entity Name: 401 Clinton Ave, LLC
Entity Address: 401 Clinton Avenue, Newark, New Jersey 07108
Sale Amount: $30,000.00
Cost Basis: ( ) PSF ( ) Negotiated ( ) N/A (X) Other: Appraised Value
Assessed Amount: $47,900.00
Appraised Amount: $ 30,000.00
Contract Period: To be commenced 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)
399 Clinton Avenue/Block 2680/Lot 16/ South Ward
Additional Information:
Appraisal Report Attached to File
body
WHEREAS, the purpose of this resolution is to approve the sale and redevelopment and/or rehabilitation, as may be applicable, of the following City-owned property located in the South Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
399 Clinton Ave. South 2680 16 30.2X95 2,869.
Total Purchase Price: $30,000.00 (appraised value); and
WHEREAS, the City of Newark has determined that the above referenced City-owned property (the "Property") is no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City of Newark is proceeding with the redevelopment and/or rehabilitation of the area and is conveying properties at such prices and upon such terms as it deems reasonable and said conveyance is made in conjun...
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