File #: 23-0660    Version: 1 Name: Resolution: Private Sale/Redevelopment - 229 South 11th, LLC
Type: Resolution Status: Adopted
File created: 5/3/2023 In control: Economic and Housing Development
On agenda: 12/20/2023 Final action: 12/20/2023
Title: Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop three (3) residential multi-family apartments. Entity Name: 229 S. South 11th Street, LLC Entity Address Newark, New Jersey 07102 Sale Amount: $32,760.00 Cost Basis: (X) $13.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $188,600.00 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) 229 South 11th Street/Block 1815/Lot 11/W...
Sponsors: Dupré L. Kelly, C. Lawrence Crump
Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop three (3) residential multi-family apartments.
Entity Name: 229 S. South 11th Street, LLC
Entity Address Newark, New Jersey 07102
Sale Amount: $32,760.00
Cost Basis: (X) $13.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $188,600.00
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)
229 South 11th Street/Block 1815/Lot 11/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 2,520 X $13.00 = $32,760.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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WHEREAS, the Department of Economic and Housing Development seeks 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
229 South 11th Street
1815
11
25.2X100 2,520

Total Square Footage: 2,520
Purchase Price: $32,760.00 (13.00 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 City of Newark is proceeding with the rehabilitation of the area and i...

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