Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/ Redevelopment
Purpose: Rehabilitating an existing building to create 20 beds of transitional housing for female veterans; and a retail or commercial business space.
Entity Name: Clinton Valley Development Group, Inc.
Entity Address: 456 Washington Street, Newark, New Jersey 07102
Sale Amount: $12,501.72
Cost Basis: (X) $2.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $171,000.00
Appraised Amount: $45,000.00
Contract Period: To be commenced within three (3) months and be completed within twenty-four (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)
522-524 Clinton Avenue/Block 3019/Lots 9, 10/South Ward
Additional Information:
Total Square Footage = 6,250.86 X $2.00 = $12,501.72
Sale Price as set forth by Ordinance 6S&Fh April 7, 2004, establishing the minimum sale price of City-owned property.
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WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned property located in the South Ward of the City of Newark:
ADDRESS BLOCK LOTS WARD SIZE SQ. FEET
522-524 Clinton Avenue 3019 9,10 South 50x125 6,250.86
Total Purchase Price: $12,501.72 ($2.00 per sf); 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 of the area and is conveying properties at ...
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