Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Authorizing the execution of Redevelopment Agreement with 43-57 Clifton Street, LLC.
Entity Name: 43-57 Clifton Street, LLC
Entity Address: 170 Frelinghuysen Avenue, Newark, New Jersey 07114
Sale Amount: $458,000.00
Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $2,368,800.00
Appraised Amount: $0.00
Contract Period: Construction to commence no later than ninety (90) days after closing and be completed no later than twenty-four (24) months after closing
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)
43-57 Clifton Street/Block 2767, Lot 9/South Ward
Additional Information:
body
WHEREAS, the Department of Economic and Housing Development seeks to approve the execution of a Redevelopment Agreement providing for the sale and redevelopment of the following City-owned property:
ADDRESS WARD BLOCK LOT SQ. FEET
43-57 Clifton Street South 2767 9 Approx.: 20,646
(the "Property")
Total Purchase Price: $485,000.00, subject to certain credits; and
WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., as amended and supplemented (the "Act"), authorizes municipalities to participate in the redevelopment and improvement of areas that are in need of redevelopment or rehabilitation; and
WHEREAS, on June 15, 2005, the Municipal Council adopted Resolution 7Rdo(A.S.), designating the entirety of the City as "an area in need of rehabilitation" as defined by the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq.; and
WH...
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