Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of two (2) two-family homes, to be rented at an affordable rate of 60% AMI.
Entity Name: JWC Development Group LLC
Entity Address: 2110 Town Center Way, Unit 1059, Livingston, New Jersey 07106
Sale Amount: $69,750.00
Cost Basis: (X) $15.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $28,800.00
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)
325-327 South 10th Street/Block1783/Lot 20/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 4,650 X $15.00 = $69,750.00
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 West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
325-327 South 10th Street
1783
20
50X93 4,650
Total Square Footage: 4,650
Purchase Price: $69,750.00 (15.00 per s.f.); and
WHEREAS, the City of Newark (the “City”) has determined that the above referenced City-owned properties (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 wit...
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