Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct an open-ended metal building for commercial vehicle parking, equipment storage, and may build a residential property subject to environmental conditions.
Entity Name: Millennium Newark Development Corp.
Entity Address: 124 Johnson Street, Newark, New Jersey 07105
Sale Amount: $140,000.00
Cost Basis: (X) Approx. $21.51 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $144,600.00
Appraised Amount: $140,000.00
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)
9 Hedden Place/Block 1901/Lot 7/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 SQ. FEET
9 Hedden Place 1901 7 6,510.
Purchase Price: $140,000.00 (Approx. $21.51 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...
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