Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of three (3) two-family homes to be rented at an affordable rate of 60%-80% AMI.
Entity Name: VS Property Builders L.L.C.
Entity Address: 79-81 Shanley Avenue, Newark, New Jersey 07108
Sale Amount: $105,000.00
Cost Basis: (X) $14.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $42,700.00
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)
884-886 South 14th Street/Block 3009/Lot 10/South Ward
888 South 14th Street/Block 3009/Lot 9/South ward
Additional Information:
Sale Price: Total Square Footage X PSF = 7,500 X $14.00 = $105,000.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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
884-886 South 14th Street
3009
10
50X100 5,000
888 South 14th Street
3009
9
25X100 2,500
Total Square Footage: 7,500
Purchase Price: $105,000.00 (14.00 per s.f.); and
WHEREAS, the City of Newark (the “City”) has determined that the above referenced City-owned properties (the “P...
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