Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Redevelopment project for warehouse/distribution and/or light manufacturing uses (Central Ward)
Entity Name: 281 Passaic Street Urban Renewal, LLC.
Entity Address: 857 Broad Street, Newark, New Jersey 07102
Sale Amount: $40,000.00
Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $1,059,900.00
Appraised Amount: $1,000,000.00
Contract Period: To commence within three (3) months and be completed within two (2) years 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)
281-289 Passaic Street/Block 436/Lot 13/Central Ward
1266-1270 McCarter Highway/Block 436/Lot 18//Central Ward
1272 McCarter Highway/Block 436/Lot 21/Central Ward
1274 McCarter Highway/Block 436/Lot 22/Central Ward
Additional Information:
Deferred 7R2-f (s) 110817
body
WHEREAS, the purpose of this resolution is to approve the sale and rehabilitation, of the following City-owned properties located in the Central Ward of the City of Newark:
ADDRESS WARD BLOCK LOT
281-289 Passaic Street Central 436 13
1266-1270 McCarter Highway Central 436 18
1272 McCarter Highway Central 436 21
1274 McCarter Highway Central 436 22
Total Assessed Amount: $1,059,900.00
Total Appraised Amount: $1,000,000.00
Environmental Remediation Cost: $7,267,000.00
Total Negotiated Amount: $40,000.00; and
WHEREAS, 281 Passaic Street Urban Renewal, LLC (the "Redeveloper"), a New Jersey corporation located at 875 Broad Street, Newark, New Jersey, 07102,...
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