Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct three (3) two-family homes as affordable rental housing.
Entity Name: AC Eagle Development, LLC
Entity Address: 101 Elm Street, Vauxhall, New Jersey 07088
Sale Amount: $47,250.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $165,000.00
Appraised Amount: $$0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) 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)
736 Bergen Street/Block 2707/Block 48/South Ward
738 Bergen Street/Block 2707/Block 47/South Ward
740 Bergen Street/Block 2707/Lot 46/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 7,875 X $6.00 = $47,250.00.
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 Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following City-owned properties located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
736 Bergen Street
2707
48
25X105 2,625
738 Bergen Street
740 Bergen Street
2707
2707
47
46
25X105 2,625
25X105 2,625
Purchase Price: $47,250.00 ($6.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Properties") ...
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