Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop City-owned properties into a four (4) story community resource hub and parking lot for the adjacent redeveloper-owned building.
Entity Name: The Chad School Foundation, Inc.
Entity Address: 24 Commerce Street, Suite 1430, Newark, New Jersey 07102
Sale Amount: $143,040.00
Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $126,500.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) months following the 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)
321-325 South 9th Street/Block 1782/Lot 32/West Ward
306 South 9th Street/Block 1781/Lot 53/West Ward
304 South 9th Street/Block 1781/Lot 54/West Ward
302 South 9th Street/Block 1781/Lot 55/West Ward
302 1/2 South 9th Street/Block 1781/Lot 70/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 14,304 X $10.00 = $143,040.00.
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-b 111422
Deferred 7R2-b (s) 112222
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 of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
321-325 South 9th Street
306 South 9th Street
304 South 9th Street
302 South 9th Street
302...
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