Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To demolish structure on property and use for existing business on adjacent property.
Entity Name: Ferreira Properties, LLC
Entity Address: 69 Trocha Avenue, Livingston, New Jersey 07039
Sale Amount: $31,500.00
Cost Basis: (X) $12.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $100,400.00
Appraised Amount: $0.00
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
List of Property:
(Address/Block/Lot/Ward)
28 Austin Street/Block 902/Lot 9/East Ward
Additional Information:
Total Square Footage = 2,625 X $12.00 = $31,500.00
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. FEET SIZE28 Austin Street East 902 9 2,625 40X113
Total Purchase Price: $31,500.00 ($12.00 per sf.); 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 Property 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...
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