Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide a new construction of (2) two-family homes with the intent to sell (1) home at the current market rate and the other home at 50% of the Area Median Income (AMI).
Entity Name: Blackmon Homes, LLC
Entity Address: Plainfield, New Jersey 07060
Sale Amount: $79,036.20
Cost Basis: (X) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $50,600.00
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)
265-267 Seymour Avenue/Block 3598/Lot 5/South Ward
269 Seymour Avenue/Block 3598/Lot 3/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 8,781.80 X $9.00 = $79,036.20.
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
265-267 Seymour Avenue
3598
5
39.2X116.7 4,574.64
269 Seymour Avenue
3598
3
39.1X107.6 4,207.16
Total Square Footage: 8,781.8
Purchase Price: $79,036.20 ($9.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that ...
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