Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop a seventy-five (75) unit luxury market rate rental property, with fifteen (15) units set aside for affordable housing and street level parking.
Entity Name: DLAM Community Development, LLC
Entity Address: 177 South 7th Street, Newark, New Jersey 07103
Sale Amount: $139,120.92
Cost Basis: (X ) $12.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $253,000.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) months from 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)
158-164 Chancellor Avenue/Block 3703/Lot 16/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 11593.41 X $12.00 = $139,120.92
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 Department of Economic and Housing Development seeks 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
SIZE
SQ. FEET
158-164 Chancellor Avenue
3703
16
114.9X100.9
11,593.41
Purchase Price: $139,120.92 ($12.00 per sf.); and
WHEREAS, the City of Newark 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 ...
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