Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Agreement for the redevelopment of land consisting of twenty-one (21) residential units and two (2) retail spaces
Entity Name: Gomes and Gomes Development, LLC.
Entity Address: 91 Kossuth Street, Newark, New Jersey 07105
Sale Amount: $180,000.00
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $198,000.00
Appraised Amount: $300,000.00
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)
262-264 Orange Street/Block 2853/Lot 30/Central Ward
266 Orange Street/Block/2853/Lot 29/Central Ward
268 Orange Street/Block 2853/Lot 28/Central Ward
Additional Information:
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 (the "City"):
ADDRESS WARD BLOCK LOT
262-264 Orange Street Central 2853 30
266 Orange Street Central 2853 29
268 Orange Street Central 2853 28
Total Assessed Amount: $198,000.00
Total Appraised Amount: $300,00.00
Environmental Remediation Cost: $120,000.00
Total Negotiated Amount: $180,000.00 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(f), the City is authorized to arrange or contract wit...
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