Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To redevelop property as parking for an adjacent home.
Entity Name: Custer Ave Lot 186, LLC
Entity Address: 683 Kearny Avenue, Suite 1, Kearny, New Jersey 07032
Sale Amount: $11,548.00
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $36,400.00
Appraised Amount: 0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) 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)
186 Custer Avenue/Block 3604/Lot 61/South Ward
Additional Information:
Sale Price: Total Square Footage x PSF = 2,887 X $4.00 = $11,548.00
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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WHEREAS, the purpose of this resolution to approve the sale and redevelopment of the following City-owned property located in the South Ward of the City of Newark:
ADDRESS BLOCK LOT SQ. FEET
186 Custer Avenue 3604 61 2,887
Purchase Price: $11,548.00 ($4.00 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 Property at such prices and upon such terms as it deems reasonable and said conveyance is made in conjunction with the applicable Redevelopment Plan, as amended; and
WHEREAS, t...
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