Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide for rehabilitation and rental of property.
Entity Name: Christine Veliz
Entity Address: Newark, New Jersey 07104
Sale Amount: $39,400.00
Cost Basis: ( ) PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $78,800.00
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)
769 Summer Avenue/Block 776/Lot 5/Qualifier C1D/North Ward
Additional Information:
Sale Price: 50% x Assessed Amount = .50 X $78,800.00 = $39,400.00.
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 property located in the North Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
QUALIFIER SQ. FEET
769 Summer Avenue
776|1010| C1D 1,866
Total Square Footage: 1,866
Purchase Price: $39,400.00 (50% of assessed amount.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned property (the "Property") are 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...
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