Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Remediate and rehabilitate vacant land to facilitate access to, and for the operation of, the adjacent business at 497 Raymond Boulevard
Entity Name: Raymond Boulevard Properties, LLC
Entity Address: 497 Raymond Boulevard, Newark, New Jersey 07105
Sale Amount: $140,000.00
Cost Basis: ( ) $ PSF ( X ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $ 567,000.00
Appraised Amount: $140,000.00
Contract Period: To be commenced within 3 months and be completed within 24 months from the transfer of ownership by the City.
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)
55-57 Chapel Street/Block 2461.01/Lot 1/East Ward
Additional Information:
Approximately $1.99 per square foot
Deferred 7R3-d 031616
body
WHEREAS, the purpose of this resolution is to approve the sale and rehabilitation, of the following City-owned property located in the East Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SQ. FT.
55-57 Chapel Street East 2461.01 1 70,440.
Total Purchase Price: $140,000.00 (approximately $1.99 per sq. ft.); 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 rehabilitation of the area and is conveying properties at such prices and upon such terms as it deems r...
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