Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a 2-family home to sell at market rate.
Entity Name: Map Contracting Corp
Entity Address: 92 Mountain Avenue, Cedar Knolls, New Jersey 07927
Sale Amount: $53,102.40
Cost Basis: ( X ) $13.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $36,700.00
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)
570 South 11th Street/ Block 313/ Lot 33/ Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 4,084.8 X $13.00 = $53,102.40.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned property
body
WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned Property located in the Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
570 South 11th Street
313
33
27.6X148 4,084.8
Total Square Footage: 4,084.8
Purchase Price: $53,102.40 ($13.00 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 of Newark is proceeding with the rehabilitation of the area and is conveying ...
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