Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Build a repair and maintenance facility for tractor trailers.
Entity Name: Daybreak Express, Inc.
Entity Address: 500 Avenue P, Newark, New Jersey 07105
Sale Amount: $2,100,000.00
Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $742,100.00
Appraised Amount: $1,960,000.00
Contract Period: To commence by June 2016 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)
441-459 Avenue P/5020/132/East Ward
Additional Information:
Sale amount is subject to a credit, not to exceed $1,600,000.00, for Environmental Remediation costs as provided for in Section 3.2(c) of the Redevelopment Agreement.
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WHEREAS, the purpose of this resolution is to approve the sale and redevelopment, as may be applicable, of the following City-owned property located in the City of Newark:
ADDRESS BLOCK LOT
441-459 Avenue P 5020 132
Newark, New Jersey
Total Purchase Price: $2,100,000.00 (Two Million One Hundred Thousand Dollars and Zero Cents), less a credit for Environmental Remediation costs as provided for in Section 3.2(c) of the Redevelopment Agreement; and
WHEREAS, the City of Newark hereby determines 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 of the area and is conveying ...
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