Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Create parking for the anterior apartment building located at 446-450 Irvine Turner Boulevard
Entity Name: Beacher Development, LLC.
Entity Address: 395 Franklin Street, Bloomfield, New Jersey 07003
Sale Amount: $30,000.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $42,600.00
Appraised Amount: $0.00
Contract Period: To be commenced within three (3) months and be completed within eighteen (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)
140 Ridgewood Avenue/Block 2693/Lot 37/South Ward
142 Ridgewood Avenue/Block 2693/Lot 36/South Ward
Additional Information:
Total Square Footage - 5,000 X $6.00 = $30,000.00
body
WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned Properties located in the South Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
140 Ridgewood Ave. South 2693 37 25X100 2,500.
142 Ridgewood Ave. South 2693 36 25X100 2,500.
Total Square Footage: 5,000.
Total Purchase Price: $30,000.00 ($6.00 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 rehabilitation of the area and is conveying Properties at such prices and u...
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