Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To convey city-owned property to facilitate redevelopment of the NJIT Gateway Plan Properties.
Entity Name: New Jersey Institute of Technology
Entity Address: University Heights, Newark, New Jersey 07102-1982
Sale Amount: $180,000.00
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( X ) Other: Appraised Amount
Assessed Amount: $454,400.00
Appraised Amount: $180,000.00
Contract Period: Twenty-four (24) months from the date of transfer
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)
257 Martin Luther King Boulevard/Block 2857/Lot 13/Central
Additional Information:
Deferred 7R2-d(s) 101420
Deferred 7R2-a 102120
Deferred 7R2-a 110520
Deferred 7R2-a 111820
Deferred 7R2-a 120220
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WHEREAS, the City of Newark (the "City") owns certain land located on the Official Tax Map of the City of Newark as Block 2857, Lot 13, and known as 257 Martin Luther King Jr. Boulevard, Newark, New Jersey 07102 (the "Property"), and the City determined that 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 applicable Redevelopment Plan, as amended; and
WHEREAS, on June 15, 2005, the Municipal Council previously adopted Resolution 7Rdo(AS), designating the entire City as an area in need of rehabilitation under the Local Redevelopment and Housing Law, N...
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