Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct a warehouse and office building with parking.
Entity Name: Option Builders, LLC
Entity Address: 14 Hedden Place, East Orange, New Jersey 07017
Sale Amount: $360,000.00
Cost Basis: (X) Approx.$19.74 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $279,100.00
Appraised Amount: $360,000.00
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
(Address/Block/Lot/Ward)
8-20 N 14th Street/Block 1901.02/Lot 1/West 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 West Ward of the City of Newark:
ADDRESS BLOCK LOT SIZE SQ. FEET
8-20 N 14th Street 1901.02 1 158.6 X115 18,239.
Purchase Price: $360,000. (Approx. $19.74 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 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 an "area in need of rehabilitation" under the Local R...
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