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File #: 22-0367    Version: 1 Name: TAW NJ, LLC
Type: Resolution Status: Adopted
File created: 3/14/2022 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 develop properties into two-family homes. Entity Name: TAW NJ, LLC Entity Address: Montclair, New Jersey 07042 Sale Amount: $63,000.00 Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $68,300.00 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) 123 Ridgewood Avenue/Block 2692/Lot 14/South Ward 125 Ridgewood Avenue/Block 2692/Lot 15/South War...
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 develop properties into two-family homes.
Entity Name: TAW NJ, LLC
Entity Address: Montclair, New Jersey 07042
Sale Amount: $63,000.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $68,300.00
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)
123 Ridgewood Avenue/Block 2692/Lot 14/South Ward
125 Ridgewood Avenue/Block 2692/Lot 15/South Ward
133-135 Ridgewood Avenue/Block 2692/Lot 19/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 10,500 X $6.00 = $63,000.00.
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 purpose of this Resolution is 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(S)
SIZE SQ. FEET
123 Ridgewood Avenue
125 Ridgewood Avenue
133-135 Ridgewood Avenue
2692

2692

2692
14

15

19
25X105 2,625

25X105 2,625

50X105 5,250

Total Square Footage: 10,500 sq. ft.
Purchase Price: $63,000.00 ($6.00 per s.f.); and

WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "P...

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