Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide for new construction of four (4) affordable two-family homes at less than 80% AMI and one (1) three-family home to sell at market rate, each property will have a one car garage.
Entity Name: Rising Plains 570, LLC
Entity Address: Hillside, New Jersey 07205
Sale Amount: $115,206.84
Cost Basis: (X) $7.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $328,200.00
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)
497-499 Bergen Street/Block 2611/Lot 29, 30, 36/Central Ward
215 Rose Street /Block 2611/Lot 38/Central Ward
507 Bergen Street /Block 2611 /Lot 33/Central Ward
509-513 Bergen Street /Block 2611/Lot 32/Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 16,458.12 X $7.00 = $115,206.84.
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-i 012424
body
WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned Property located in the Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
497-499 Bergen Street
2611
29, 30, 36
9570 SF 9,570
215 Rose Street
2611
38
25X85 ...
Click here for full text