Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Remediate and repair properties for continued business operations
Entity Name: Roman Asphalt Corp.
Entity Address: 14 Ogden Street, Newark, New Jersey 07104
Sale Amount: $480,000.00
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A (X) Other: Appraised Value
Assessed Amount: $1,304,800.00
Appraised Amount: $480,000.00
Contract Period: To be commenced within 3 months and be completed within 12 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)
10-12 Ogden Street/Block 570/Lot 55/North Ward
14-26 Ogden Street/Block 570/Lot 53/North Ward
28-34 Ogden Street/Block 570/Lot 65/North Ward
Additional Information:
Total Square Footage: 51,194.
Total Purchase Price (Appraised Value): $480,000.00 (Approx. $9.376 per sf)
Deferred 7R2-e 120716
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WHEREAS, the purpose of this resolution is to approve the sale and rehabilitation, as of the following City-owned properties located in the North Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SQ. FEET
10-12 Ogden Street North 570 55 10,000.
14-26 Ogden Street North 570 53 34,704.
28-34 Ogden Street North 570 65 6,490.
Total Square Footage: 51,194.
Total Purchase Price (Appraised Value): $480,000.00 (Approx. $9.376 per sf); 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, pursuant to N.J.S.A. 40A:12A-8(g), the City of Newark is proceeding with the rehabilitatio...
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