Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop the properties into a community center and social hub.
Entity Name: Newark Knights Foundation, a NJ Non-Profit Corporation
Entity Address: 671 Springfield Avenue, Newark, New Jersey 07103
Sale Amount: $75,816.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $178,200.00
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)
673-675 Springfield Avenue/Block 2637/Lot 3/South Ward
677 Springfield Avenue/Block 2637/Lot 2/South Ward
679 Springfield Avenue/Block 2637/Lot 1/South Ward
Additional Information:
Total Price: Square Footage X PSF = 12,636 X $6.00 = $75,816.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
Deferred 7R2-e 0713222
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
673-675 Springfield Avenue
2637
3
50X130 6,500
677 Springfield Avenue
2637
2
25.4X130 3,302
679 Springfield Avenue
2637
1
21.8X130 2,834
Purchase Price: $75,816.00 ($6.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has ...
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