Title
Dept./Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing (X) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Amending Resolution 7R2-i adopted on May 6, 2020, to correct the purchase price from $35,078.08 to $35,186.08.
Entity Name: 131-133 Highland Avenue, LLC
Entity Address: 238 S 11th Street, Newark, New Jersey 07107
Sale Amount: $35,186.08
Cost Basis: (X) $8.00 and $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $221,600.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twelve (24) months from the 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)
35-37 Highland Avenue/Block 507/Lot 54/North Ward
37 3rd Street/Block 1878/Lot 27/Central Ward
Additional Information:
Amending Resolution 7R2-i adopted on May 6, 2020 to correct the purchase price from $ $35,078.08 to $35,186.08.
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WHEREAS, on May 6, 2020, the Municipal Council adopted Resolution 7R2-i ("Original Resolution"), authorizing the Sale and Execution of a Redevelopment Agreement ("Redevelopment Agreement") with 131-133 Highland Avenue, LLC, 238 S 11th Street, Newark, New Jersey 07107, for the purchase and redevelopment of the following City-owned properties located in the North and Central Wards of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
PRICE/SF
TOTAL
35-37 Highland Avenue
507
54
40X80
3,200
$8
$25,600
37 3rd Street
1878
27
16.8X95.1
1,597.68
$6
$9,586.08
Purchase Price: $35,186.08; and
WHEREAS, the Original Resolution contained an incorrect price for the properties and requi...
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