Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construction of a new two-family residential dwelling to be sold at market rate
Entity Name: 312-314 16th Avenue, LLC
Entity Address: 23 Lenape Road, Andover, New Jersey 07821
Sale Amount: $57,500.00
Cost Basis: (X) $23.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $31,300.00
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)
569 South 19th Street/Block 339/Lot 9/ West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 2,500 X $23.00 = $57,500.00
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 purpose of this Resolution is 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
SIZE SQ. FEET
569 South 19th Street
339|10 10|25X100 2,500
Total Square Footage: 2,500
Purchase Price: $57,500.00 ($23.00 per sf.); and
WHEREAS, the City of Newark (the "City") 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 is proceeding with the rehabilitation of the area and is conveying property at such prices and upon such terms as it dee...
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