Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of five (5) 2-family homes to sell at market rate.
Entity Name: Global Houz LLC
Entity Address: 124 South Orange Avenue, South Orange, New Jersey 07079
Sale Amount: $147,702.24
Cost Basis: ( X ) $14.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $131,200.00
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)
738 South 20th Street/ Block 367/Lot 58/ South Ward
736 South 20th Street/ Block 367/Lot 59/ South Ward
743-745 South 11th Street/ Block 2631/Lot 15, 16/ South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 10,550.16 X $14.00 = $147,702.24
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 properties located in the South Ward of the City of Newark:
ADDRESS BLOCK LOT(S) SIZE SQ. FEET
738 South 20th Street 367 58 28X99.11 2,775.08
736 South 20th Street 367 59 28X99.11 2,775.08
743-745 South 11th Street 2631 15,16 50X100 5,000
Total Square Footage: 10,550.16
Purchase Price: $147,702.24 ($14.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Properties") are 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 ...
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