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File #: 22-0754    Version: 1 Name: Beacon Development Partners, LLC
Type: Resolution Status: Adopted
File created: 5/19/2022 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 acquire city-owned property to create a multi-unit mixed use development. Entity Name: Beacon Development Partners, LLC Entity Address: Maplewood, New Jersey 07040 Sale Amount: $50,000.00 Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $60,000.00 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) 296-298 16th Avenue/Block 340/Lot 7/West Wa...
Sponsors: Dupré L. Kelly, C. Lawrence Crump
Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To acquire city-owned property to create a multi-unit mixed use development.
Entity Name: Beacon Development Partners, LLC
Entity Address: Maplewood, New Jersey 07040
Sale Amount: $50,000.00
Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $60,000.00
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)
296-298 16th Avenue/Block 340/Lot 7/West Ward
Additional Information:
Total Price: Square Footage X PSF = 5,000 X $10.00 = $50,000.00.
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 property located in the West Ward of the City of Newark:

ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
296-298 16th Avenue

340
7
50X100 5,000
Purchase Price: $50,000.00 ($10.00 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 conveying Property at such prices and upon such terms as it deems reasonable a...

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