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File #: 18-1637    Version: 1 Name: Newark Truck Plaza, LLC
Type: Resolution Status: Adopted
File created: 10/16/2018 In control: Economic and Housing Development
On agenda: 1/9/2019 Final action: 1/9/2019
Title: Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop a full amenities truck plaza Entity Name: Newark Truck Plaza, LLC Entity Address: 429-451 Frelinghuysen Avenue, Newark, New Jersey 07114 Sale Amount: $4,150,000.00 Cost Basis: ( ) $ PSF (X ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $0.00 Appraised Amount: $4,150,000.00 Contract Period: 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) 419-427 Frelinghuysen Avenue/Block 3542/Lots 4 and 36/South Ward Additional Information: This resolution authorizes the sale and redevelopment of a contaminated site formerly used as a maintenance gar...
Sponsors: John Sharpe James, Mildred C. Crump
Attachments: 1. 18-1637 certified resolution.pdf
Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop a full amenities truck plaza
Entity Name: Newark Truck Plaza, LLC
Entity Address: 429-451 Frelinghuysen Avenue, Newark, New Jersey 07114
Sale Amount: $4,150,000.00
Cost Basis: ( ) $ PSF (X ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $0.00
Appraised Amount: $4,150,000.00
Contract Period:
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)
419-427 Frelinghuysen Avenue/Block 3542/Lots 4 and 36/South Ward

Additional Information:
This resolution authorizes the sale and redevelopment of a contaminated site formerly used as a maintenance garage. The appraised value of the property, without accounting for its environmental condition is $4,150,000.00. The estimated cost to demolish existing structures on the site and to remediate the site is estimated by the redeveloper to be approximately $4,126,000.00 of which the purchaser will be credited a maximum of $2,700,000.00, which credits will be reconciled prior to the issuance of a Certificate of Completion. The maximum credit of $2,700,000.00 is comprised of the following:

- $240,165.47: Remediation performed and incurred by Newark Parking Authority, which costs were previously paid by Redeveloper;
- $500,000.00: Maximum demolition credit; and
- $1,959,834.53: Maximum remediation credit, which is distinct from remediation performed by Newark Parking Authority
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:

ADDRESS ...

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