Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of three (3), 2-family homes to sell at market rate
Entity Name: Benfica Development LLC
Entity Address: 18-20 Bloomfield Avenue, Belleville, New Jersey 07109
Sale Amount: $73,692.00
Cost Basis: ( X ) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other
Assessed Amount: $71,600.00
Appraised Amount: N/A
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
26 Silver Street/Block 4108/Lot 5/ West Ward
59 Sunset Avenue/ Block 4061/ Lot 116/ West Ward
68 Lindsley Avenue/ Block 4044/ Lot 29/ West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 7,369.20 X $10.00 = $73,692.00
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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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(S)
SIZE SQ. FEET
26 Silver Street
4108
5
25.1X92 2,309.2
59 Sunset Avenue
4061
116
25.6X100 2,560
68 Lindsley Avenue
4044
29
25X100 2,500
Total Square Footage: 7,369.2
Purchase Price: $73,692.00 ($10.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above ...
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