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File #: 21-1213    Version: 1 Name: Top Rated Buyer
Type: Resolution Status: Adopted
File created: 8/16/2021 In control: Economic and Housing Development
On agenda: 9/8/2022 Final action: 9/21/2022
Title: Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To rehabilitate properties to create affordable housing for low-income families. Entity Name: Top Rated Buyer, LLP Entity Address: Rahway, New Jersey 07065 Sale Amount: $63,990.00 Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $50,100.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within eighteen (18) months following transfer of properties 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) 290 South 20th Street/Block 1794/Lot 66/West Ward 57 Mon...
Sponsors: Council of the Whole
Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate properties to create affordable housing for low-income families.
Entity Name: Top Rated Buyer, LLP
Entity Address: Rahway, New Jersey 07065
Sale Amount: $63,990.00
Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $50,100.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months following transfer of properties 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)
290 South 20th Street/Block 1794/Lot 66/West Ward
57 Montgomery Avenue/Block 2641/Lot 10/South Ward
39 Hecker Street/Block 2848/Lot 23/Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 6,399.0 X $10.00 = $63,990.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
Deferred 7R2-e 090822
body

WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned properties located in the West Ward, South Ward and Central Ward of the City of Newark:

ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
290 South 20th Street
57 Montgomery Avenue
39 Hecker Street
1794
2641

2848
66
10

23
16.6X68 1,128.8
3,134.0

22X97.1 2,136.2


Total Square Footage: 6,399.0 sq. ft.
Purchase Price: $63,990.00 ($10.00 per s.f.); and

WHEREAS, the City of Newark (...

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