Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To redevelop property to provide parking for tenants of adjacent property.
Entity Name: 271 Hunterdon Street, LLC
Entity Address: 24 W Railroad Avenue, #410, Tenafly, New Jersey 07670
Sale Amount: $10,000.00
Cost Basis: (X ) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $21,400.00
Appraised Amount: $0.00
Contract Period: Commence within three (3) months and be completed within twelve (12) months following the transfer of property ownership from the City to the Redeveloper
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)
273 Hunterdon Street/Block 255/Lot 10/Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 2,500 X $4.00 = $10,000.00
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 is to approve the sale and redevelopment of the following City-owned Property located in the Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
273 Hunterdon Street
255
10
25X100
2,500
Purchase Price: $10,000.00 ($4.00 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 Properties at such prices and upon such terms as it deems reasonable and sai...
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