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File #: 22-0081    Version: 1 Name: Central Ave Residence, LLC
Type: Resolution Status: Adopted
File created: 1/20/2022 In control: Economic and Housing Development
On agenda: 9/8/2022 Final action: 9/8/2022
Title: Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To combine city-owned property with adjacent redeveloper-owned properties to create thirty-five (35) residential units and four (4) ground floor commercial spaces. Entity Name: Central Ave Residence, LLC Entity Address: Newark, New Jersey 07107 Sale Amount: $19,219.20 Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $34,000.00 Appraised Amount: $0.0 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 Prope...
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 combine city-owned property with adjacent redeveloper-owned properties to create thirty-five (35) residential units and four (4) ground floor commercial spaces.
Entity Name: Central Ave Residence, LLC
Entity Address: Newark, New Jersey 07107
Sale Amount: $19,219.20
Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $34,000.00
Appraised Amount: $0.0
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)
46 1st Street/Block 1846/Lot 16/Central Ward
Additional Information:
Total Price: Square Footage X PSF = 2,402.4 X $8.00 = $19,219.20.
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 purpose of this Resolution isto approve the sale and redevelopment of the following City-owned property located in the Central Ward of the City of Newark:

ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
46 1st Street
1846
16
27.3X88 2,402.4
Purchase Price: $19,219.20 ($8.00 per s.f.); and

WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned Property (the "Property") is 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 conve...

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