Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a two-family home to be rented at an affordable rate of 60% AMI.
Entity Name: Gloria’s House A NJ NONPROFIT CORPORATION
Entity Address: 17 Academy Street, Suite 301, Newark, New Jersey 07103
Sale Amount: $25,669.00
Cost Basis: (X) $14.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $21,900.00
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)
725 South 14th Street/Block 2634/Lot 52/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 1,833.5 X $14.00 = $25,669.00.
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 Property located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
725 South 14th Street
2634
52
19.3X95 1,833.5
Total Square Footage: 1,833.5
Purchase Price: $25,669.00 (14.00 per s.f.); 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 of Newark is proceeding with the rehabilitation of the area an...
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