Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a three-family dwelling, with each unit designated for occupancy by households earning no more than 80% of Area Median Income (AMI).
Entity Name: Fajr Muhammad Bass
Entity Address: 6 Andrew Street, Greenbrook, New Jersey, 08812
Sale Amount: $53,922.30
Cost Basis: (X) $17.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $11,500.00
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)
92 Seymour Avenue / Block 3000 / Lot 30/ South Ward
Additional Information
Sale Price: Total Square Footage X PSF = 3,171.9 X $17.00= $53,922.30
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned property
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
SIZE SQ. FEET
92 Seymour Avenue
3000
30
29.10X109 3,171.90
Total Square Footage: 3,171.90
Purchase Price: $53,922.30 ($17.00 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 rehabilitat...
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