Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To combine the property with adjacent redeveloper owned lots to create a one-story warehouse-distribution building with loading docks and associated parking and driveways.
Entity Name: SPG 2013 McCarter Hwy Urban Renewal, LLC
Entity Address: 100 Front Street, Suite 350, Conshohocken, Pennsylvania 19428
Sale Amount: $124,000.00
Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $124,000.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
2035-2045 McCarter Highway/Block 825/Lot 30/North Ward
Additional Information:
Sale Price: $124,000.00.
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 property located in the North Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
2035-2045 McCarter Highway
825
30
100X108.10 10,810
Purchase Price: $124,000.00; and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned property (the "Property") are no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City of New...
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