Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a three-family home to be sold at market rate.
Entity Name: Seymour and Lyons LLC
Entity Address: 111 Glenwood Avenue, APT. 106, East Orange, New Jersey 07017
Sale Amount: $75,000.00
Cost Basis: (X) $25.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $189,500.00
Appraised Amount: n/a
Contract Period: To commence within three (3) months to 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)
369 South 11th Street/Block 1784/Lot 24/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 3,000 X $25.00 = $75,000.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties
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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
369 South 11th Street
1784
24
30X100 3,000
Total Square Footage: 3,000
Purchase Price: $75,000.00 ($25.00 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 use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City is proceeding with the rehabilitation of the area and is conveying property at such prices...
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