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File #: 19-1580    Version: 1 Name: The Mid Atlantic Investment Alliance, LLC
Type: Resolution Status: Adopted
File created: 10/7/2019 In control: Economic and Housing Development
On agenda: 1/14/2020 Final action: 1/14/2020
Title: Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To build eight (8) new market rate rental units. Entity Name: The Mid Atlantic Investment Alliance, LLC Entity Address: 11 Florence Place, West Orange, New Jersey 07052 Sale Amount: $31,061.10 Cost Basis: (X) $7.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $113,300.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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) 347 West Market Street/Block 1841/Lot 15/Central Ward 34...
Sponsors: LaMonica R. McIver, John Sharpe James
Attachments: 1. 19-1580 certified resolution.pdf
Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To build eight (8) new market rate rental units.
Entity Name: The Mid Atlantic Investment Alliance, LLC
Entity Address: 11 Florence Place, West Orange, New Jersey 07052
Sale Amount: $31,061.10
Cost Basis: (X) $7.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $113,300.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
347 West Market Street/Block 1841/Lot 15/Central Ward
349 West Market Street/Block 1841/Lot 16/Central Ward
Additional Information:
Sale Price: Total Square Footage x PSF = (1,992 X $7.00 = $13,944.00) + (2,445.3 X $7.00 = $17,117.10) = $31,061.10
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
body

WHEREAS, the purpose of this resolution to approve the sale and redevelopment of the following City-owned Properties located in the Central Ward of the City of Newark:

ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
347 W Market Street
1841
15
24.9X80
1,992
349 W Market Street
1841
16
24.7X99
2,445.3

Purchase Price: $31,061.10 ($7.00 per sf.); and

WHEREAS, the City of Newark has determined that the above referenced City-owned Properties (the "Properties") are 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 ar...

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