Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop a Hydroponic Farm and a four (4) story mixed-use building with a Farmers Market, office space, and three (3) affordable apartments.
Entity Name: Newark Science and Sustainability, Inc.
Entity Address: 95 Orchard Street, Newark, New Jersey 07102-3407
Sale Amount: $33,324.46
Cost Basis: (X ) $2.00-$4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $244,800.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months following transfer of property 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)
3-5 Fairmount Avenue/Block 1843/Lot 5/West Ward
7 Fairmount Avenue/Block 1843/Lot 7/West Ward
8-12 3rd Street/Block 1848/Lot 11/West Ward
Additional Information:
Total Square Footage Fairmount Ave: 5,239.97 at $2.00 per sf. = $10,479.94
Total Square Footage 3rd Street: 5,711.13 at $4.00 per sf. = $22,844.52
Total Purchase Price: $33,324.46
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 West Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
3-5 Fairmount Avenue
1843|1010|33.11X77.9
2,579.27
7 Fairmount Avenue
1843|1010|36.2X73.5
2,660.70
8-12 3rd Street
1848
11
82.77X69
5,711.13
Total Square Footage Fairmount Ave: 5,239.97 @ $2.00 per sf = $10,479.94
Total Square Footage 3rd Street: 5,711.1...
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