24-1659

Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To build an industrial warehouse to be utilized for light manufacturing Entity Name: Margate 1270 McCarter Highway, LLC Entity Address: 250 Passaic Street, Newark, New Jersey 07104 Sale Amount: $875,000.00 Cost Basis: ( ) $ PSF ( X ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $1,059,900.00 Appraised Amount: $875,000.00 Contract Period: To commence within three (3) months and be completed within twenty four (24) months upon receipt of Commencement of Construction as outlined in Exhibit G. 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) 281-289 Passaic Street/Block 436/Lot 13/Central Ward 1266-1270 McCarter Highway/Block 436/Lot 18,20/Central Ward 1272 McCarter Highway/Block 436/Lot 21/Central Ward 1274 McCarter Highway/Block 436/Lot 22/Central Ward Additional Information: Sale Price: Negotiated Price = $875,000.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.

Resolution Adopted Introduced December 4, 2024

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