Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Approximately 115 units of mixed income housing with parking and outdoor space
Entity Name: 650 Springfield Avenue Urban Renewal, LLC.
Entity Address: 61 Deans Lane, Monmouth Junction, New Jersey 08852
Sale Amount: $175,012.00
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $576,500.00
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)
650-656 Springfield Avenue/Block 364/Lot 21/South Ward
709 South 16th Street/Block 364/Lot 9/South Ward
711 South 16th Street/Block 364/Lot 10/South Ward
713 South 16th Street/Block 364/Lot 11/South Ward
715 South 16th Street/Block 364/Lot 12/South Ward
717 South 16th Street/Block 364/Lot 13/South Ward
708 South 17th Street/Block 364/Lot 28/South Ward
712 South 17th Street/Block 364/Lot 26/South Ward
714-716 South 17th Street/Block 364/Lot 24/South Ward
718-722 South 17th Street/Block 364/Lot 22/South Ward
724-726 South 17th Street/Block 364/Lot 29/South Ward
55 19th Avenue/Block 364/Lot 1/South Ward
Additional Information:
Total Square Footage = 43753 X $4.00 = $175,012.00
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 rehabilitation of the following City-owned properties located in the South Ward of the City of Newark:
ADDRES...
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