Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a mixed-use building consisting of two (2) ground floor commercial office suites and eight (8) residential units – two (2) units will be rented at an affordable rate between 60%-100% AMI and six (6) units will be rented at market rate.
Entity Name: South Ward Capital LLC
Entity Address: 953 Bergen Street, Newark, New Jersey 07112
Sale Amount: $90,742.50
Cost Basis: (X) $25.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $81,400.00
Appraised Amount: n/a
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
949-951 Bergen Street/Block 3667/Lot 5/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 3,629.7 X $25.00 = $90,742.50.
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
949-951 Bergen Street
3667
5
37X98.1 3,629.7
Total Square Footage: 3,629.7
Purchase Price: $90,742.50 (25.00 per s.f.); and
WHEREAS, the City of Newark (the “City”) has determined that the above referenced City-owned property (the...
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