Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Redevelopment to create a distribution warehouse and recreation space
Entity Name: RRJ Distributors, LLC
Entity Address: 318 Astor Street, Newark, New Jersey 07114
Sale Amount: $500,000.00
Cost Basis: ( ) $ PSF (X ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $664,500.00
Appraised Amount: $N/A
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 ( ) RFP ( ) RFQ
( X ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
86 Avenue C/Block1275/Lot 6/East Ward
78-84 Avenue C/Block 1275/Lots 7, 25/East Ward
271 Emmet Street/Block 1275/Lot 23/East Ward
Additional Information:
Approximately $11.01 per sq. ft.
body
WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned properties located in the East Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FT.
86 Avenue C East 1275 6 25x100 2,500.
78-84 Avenue C East 1275 7, 25 179.6x225 40,410.
271 Emmet Street East 1275 23 25x100 2,500.
Total Square Footage: 45,410.
Total Purchase Price: $500,000.00 (Approximately 11.01 per sq. ft.); and
WHEREAS, the City of Newark has determined that the above referenced City-owned properties (the "Properties") are no longer needed for public use; and
WHEREAS, ...
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