Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To build four (4) luxury homes in the Fairmount and University Heights neighborhoods.
Entity Name: Genesis Capital Investments, LLC
Entity Address: Branchburg, New Jersey 08876
Sale Amount: $61,800.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $95,500.00
Appraised Amount: $0.00
Contract Period: To be commenced within three (3) months and be completed within eighteen (18) months following transfer of property ownership by the City
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)
105 South 13th Street/Block 1860/Lot 9/ West Ward
126 South 13th Street/Block 1859/Lot 49/West Ward
142 South 13th Street/Block 1859/Lot 41/West Ward
70 11th Avenue/Block 1811/Lot 1/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 10,300 X $6.00= $61,800.00.
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 properties located in the West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
105 South 13th Street
1860
9
25X100 2,500
126 South 13th Street
1859
49
25X100 2,500
142 South 13th Street
1859
41
28X100 2,800
70 11th Avenue
1811
1
25X100 2,500
Total Square Footage: 10,300.0
Total Purchase P...
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