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File #: 22-0916    Version: 1 Name: IMTAD, LLC
Type: Resolution Status: Adopted
File created: 6/27/2022 In control: Economic and Housing Development
On agenda: 11/14/2022 Final action: 11/22/2022
Title: Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To rehabilitate property into an owner-occupied commercial space and rental housing units. Entity Name: IMTAD, LLC Entity Address: 4880 Broadway, Suite 2P, New York, New York 10040 Sale Amount: $31,400.00 Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $37,200.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within eighteen (18) 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) 305 16th Avenue/Block 336/Lot 31/W...
Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate property into an owner-occupied commercial space and rental housing units.
Entity Name: IMTAD, LLC
Entity Address: 4880 Broadway, Suite 2P, New York, New York 10040
Sale Amount: $31,400.00
Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $37,200.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) 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)
305 16th Avenue/Block 336/Lot 31/West Ward
Additional Information:
Total Price: Square Footage X PSF = 3,140 X $10.00 = $31,400.00.
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-c 111422
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
305 16th Avenue

336
31
31.4X100 3,140
Purchase Price: $31,400.00 ($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 su...

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