Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To demolish the existing structures and construct three (3) three-family homes with onsite parking.
Entity Name: South 14 Properties, LLC
Entity Address: 656-658 S 14th Street, Newark, New Jersey 07103
Sale Amount: $40,320.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $169,600.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
662 S 14th Street/Block 361/Lot 45/South Ward
664 S 14th Street/Block 361/Lot 38/South Ward
666 S 14th Street/Block 361/Lot 37/South Ward
668 S 14th Street/Block 361/Lot 36/South Ward
Additional Information:
Total Sale Price: Square Footage x PSF = 6,720 x $6.00 = $40,320.00
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 South Ward of the City of Newark:
ADDRESS
WARD
BLOCK
LOT
SIZE
SQ FT
PRICE PSF
TOTAL
662- S 14th St.
South
361
45
16.8X100
1,680
$6.00
$ 10,080.00
664 S 14th St.
South
361
38
16.8X100
1,680
$6.00
$ 10,080.00
666 S 14th St.
South
361
37
16.8X100
1,680
$6.00
$ 10,080.00
668 S 14th St.
South
361
36
16.8X100
1,680
$6.00
$ 10,080.00
Total Purchase Price: $40,320.00; and
WHEREAS, the City of Newark has determined that the above refere...
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