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, where one unit will be owner occupied and the other unit will be leased through the Section 8 Housing Choice Voucher Program.
Entity Name: Novo Holdings LLC
Entity Address: 101 Tillinghast Street, Newark, New Jersey 07108
Sale Amount: $73,836.78
Cost Basis: (X) $ 17.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $88,000.00
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)
290-292 Chadwick Avenue/Block 3590/Lot 22/ South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 4,343.34 X $17.00 = $73,836.78
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
290-292 Chadwick Avenue
3590
22
37.9X114.6 4,343.34
Total Square Footage: 4,343.34
Purchase Price: $73,836.78 ($17.00 per s.f.); 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 ...
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