Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of two (2) two-family homes to be rented at an affordable rate of 20% AMI.
Entity Name: Broad and Essex Development Corporation
Entity Address: 625 Mayor Kenneth A. Gibson Boulevard, Suite 20, Newark, New Jersey 07102
Sale Amount: $65,385.60
Cost Basis: (X) $12.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $34,300.00
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)
713-715 South 14th Street/Block 2621/Lot 35/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 5,448.8 X $12.00 = $65,385.60.
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 South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
713-715 South 14th Street
2621
35
55.6X98 5,448.8
Total Square Footage: 5,448.8
Purchase Price: $65,385.60 (12.00 per s.f.); and
WHEREAS, the City of Newark (the “City”) has determined that the above referenced City-owned property (the “Property”) are no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the C...
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