Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To create ancillary parking for adjacent restaurant business.
Entity Name: Kings Urban Renewal Corporation
Entity Address: 5 Garden Hills Drive, Somerset, New Jersey, 08873
Sale Amount: $125,000.00
Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $459,100.00
Appraised Amount: 0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) months following transfer of property ownership 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)
315-321 Lyons Ave/Block 3054/Lot 34, 35, 36, and 37/South Ward
323-325 Lyons Ave/ Block 3054/Lot 38/South Ward
Additional Information:
King's Restaurant is developing a new restaurant/catering hall at 304-306 Lyons Avenue; this site would provide parking for same.
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 Department of Economic and Housing Development desires 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
SIZE
SQUARE FEET
315-321 Lyons Ave
3054
34, 35, 36, 37
100.2 X 119.6
11,983.92
323-325 Lyons Ave
3054
38
50 X 100
5,000
Purchase Price: $125,000.00 (Negotiated Price); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Property") is no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the ...
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