Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New Construction of (1) Two-family home and (1) Three family home to provide five total affordable rental units
Entity Name: Concrete Property L.L.C.
Entity Address: 22 Mapes Terrace, Newark, New Jersey 07112
Sale Amount: $63,672.20
Cost Basis: ( X ) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $67,800.00
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)
340 South 20th Street/Block 1794/ Lot 35/ West Ward
54 Fabyan Place/Block 3076/Lot 5/ South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 6,367.22 X $10.00 = $63,672.20.
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 and South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
340 South 20th Street
1794
35
25X100 2,500
54 Fabyan Place
3076
5
32.2X120.1 3,867.22
Total Square Footage:6,367.22
Purchase Price: $63,672.20 ($10.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (t...
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