Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Rehabilitate property to create either a storage and warehouse facility or a truck terminal
Entity Name: 61-77 Empire Street, LLC.
Entity Address: 170 Frelinghuysen Avenue, Newark, New Jersey 07114
Sale Amount: $595,000.00
Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $0.00
Appraised Amount: $595,000.00
Contract Period: Construction and completion dates set out in Project Schedule
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)
61-77 Empire Street/Block 3537/Lot 24/South Ward
Additional Information:
body
WHEREAS, the purpose of this resolution is to approve the sale and redevelopment, of the following City-owned property located in the South Ward of the City of Newark (the "City"):
ADDRESS WARD BLOCK LOT SQ. FEET
61-77 Empire Street South 3537 24 46,173
Total Purchase Price: $595,000.00, subject to certain credits; and
WHEREAS, the City 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 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 previously adopted Resolution 7Rdo(AS) on June 15, 2005, designating the entire City as...
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