Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct a three (3) story structure to be used as a social service agency.
Entity Name: Positive Health Care, Inc.
Entity Address: 744 Broad Street, Suite 2300, Newark, New Jersey 07102
Sale Amount: $660,000.00
Cost Basis: (X) Approximately $80.16 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $364,800.00
Appraised Amount: $660,000.000
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)
401 University Avenue/Block 99/Lot 9/Central Ward
77-79 Arlington Street/Block 99/Lot 38/Central Ward
75 Arlington Street/Block 99/Lot 40/Central 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 Central Ward of the City of Newark:
ADDRESS BLOCK LOT SQ. FEET
401 University Avenue 99 9 5002
77-79 Arlington Street 99 38 1,684.46
75 Arlington Street 99 40 1,547
Purchase Price: $660,000.00 (Approximately $80.16 per sf.); and
WHEREAS, the City of Newark (the "City") 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 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 a...
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