Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construction of a new two-family home one unit will be rented to households earning up to 80% of the Area Median Income (AMI) and the other unit would be rented at market rate.
Entity Name: Etta Investments Limited Liability Company
Entity Address: 73-75 Woodbine Avenue Newark, New Jersey, 07106
Sale Amount: $31,825.00
Cost Basis: (X) $19.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $17,600.00
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)
529 13th Avenue /Block 1793/Lot 23/ West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 1,675 X $19.00 = $31,825.00
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
SIZE SQ. FEET
529 13th Avenue
1793
28
25X67 1,675
Total Square Footage: 1,675.00
Purchase Price: $31,825.00 ($19.00 per sf.); and
WHEREAS, the City of Newark (the “City”) has determined that the above referenced City-owned property (the “Property”) are no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City of New...
Click here for full text