Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Rehabilitate undevelopable lot to merge with adjacent business
Entity Name: Stockton Delancy Limited Partnership
Entity Address: 225 Millburn Avenue, Suite 202, Millburn, New Jersey 07041
Sale Amount: $42,000.00
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A (X) Other: Appraised Value
Assessed Amount: $42,000.00
Appraised Amount: $42,000.00
Contract Period: To commence within three (3) months and be completed within twelve (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
(Address/Block/Lot/Ward)
338 Delancy Street/Block 5032/Lot 26/East Ward
Additional Information:
Total Purchase (Appraised Value): $42,000.00 (Approx. $8.04 psf)
body
WHEREAS, the purpose of this resolution is to approve the sale and rehabilitation of the following City-owned property located in the East Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SQ. FT.
338 Delancy Street East 5032 26 5,227.
Total Purchase Price (Appraised Value): $42,000.00 (Approx. $8.04 psf); 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 rehabilitation of the area and is conveying properties at such prices and upon such terms as it deems reasonable and said conveyance is made in conjunction with the applicable Redevelopment Plan, as amended; and
WHEREAS, the Municipal Council pr...
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