Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Develop one (1) new, and two (2) rehabilitated, affordable homes
Entity Name: Gateway Property Development, LLC.
Entity Address: 67 Chelsea Avenue, Newark, New Jersey 07106
Sale Amount: $30,695.00
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $326,700.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months from the transfer of ownership by the City.
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)
508 S 16th Street/Block 333/Lot 53/West Ward
517 S 16th Street/Block 334/Lot 21/West Ward
593 15th Avenue/Block 334/Lot 28/West Ward
Additional Information:
Total Square Footage = 7,673.75 X $4.00 = $30,695.00
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 Properties located in the West Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
508 S 16th Street West 333 53 32X103 3,296
517 S 16th Street West 334 21 25X100.11 2,502.75
593 15th Avenue West 334 28 25X75 1,875
Total Square Footage: 7,673.75
Total Purchase Price: $30,695.00 ($4.00 per sf.); and
WHEREAS, the City of Newark has determined that the above referenced City-owned Propertie...
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