Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide new construction of a two-family dwelling to sell at market rate
Entity Name: GEJJ Urban Development LLC
Entity Address: 400 Harrison Avenue, Suite 204, Harrison, New Jersey 07029
Sale Amount: $26,250.00
Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other
Assessed Amount: $55,000.00
Appraised Amount: N/A
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)
596 Bergen Street/Block 2660/Lot 40/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 2,625 X $10.00 = $26,250.00.
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-a 020525
Deferred 7R2-a 021925
Deferred 7R2-a 030525
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WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned property located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
596 Bergen Street
2660
40
25X105 2,625
Total Square Footage: 2,625
Purchase Price: $26,250.00 (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), th...
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