Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct a mixed-use development consisting of one (1) storefront commercial unit and twenty (20) residential units.
Entity Name: S.A.T. Urban Renewal Entity, LLC
Entity Address: 156 Elizabeth Avenue, Newark, New Jersey 07108
Sale Amount: $55,300.00
Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $114,400.00
Appraised Amount: $0.00
Contract Period: To be commenced within three (3) months and be completed within twenty four (24) 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)
144 Elizabeth Avenue/Block 2776/Lot 8/South Ward
142 Elizabeth Avenue/Block 2776/Lot 9/South Ward
Additional Information:
Sale Price: (Total Square Footage x Price PSF) = 5,530 X $10.00 = $55,300.00
Sale at prices set forth by Ordinance 6S&Fh, adopted 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 South Ward of the City of Newark:
ADDRESS BLOCK LOT SIZE SQ. FEET
144 Elizabeth Avenue 2776 8 25X110 2750
142 Elizabeth Avenue 2776 9 25X111.2 2780
Purchase Price: $55,300.00 ($10.00 per sf.); and
WHEREAS, the City of Newark (the "City") 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 i...
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