Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct a building that will host a commercial warehouse with parking.
Entity Name: 144 Badger Ave, LLC
Entity Address: 125 Market Street, Kenilworth, New Jersey 07033
Sale Amount: $41,440.00
Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $48,000.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) 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)
34 Madison Avenue/Block 2680/Lot 38/South Ward
36 Madison Avenue/Block 2680/Lot 37/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 4,144 X $10.00 = $41,440.00.
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 seeks to approve the sale and redevelopment of the following City-owned Properties located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE SQ. FEET
34 Madison Avenue 36 Madison Avenue
2680
2680
38
37
41.1X40 1,644
25X100 2,500
Purchase Price: $41,440.00 ($10.00 per sf); and
WHEREAS, the City of Newark 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 of Newark is proceeding with the rehabilitation of the area and is conveying ...
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