Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying ( ) Authorizing ( X ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Amending Resolution 7R2-c(s) adopted on June 18, 2019 to correct the purchase price from $12.00 PSF to $9.00 PSF.
Entity Name: Luvander Hollaway
Entity Address: 35 Burnet Street, Newark, New Jersey 07102
Sale Amount: $46,440.00
Cost Basis: (X) $ 9.00 PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $269,700.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) 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)
12 Belgium Street/Block 308/Lot 29/Central Ward
14 Belgium Street/Block 308/Lot 30/Central Ward
Additional Information:
Original Resolution 7R2-c(s) adopted on June 18, 2019 was for the private sale of 12 and 14 Belgium Street (Central Ward) at the Total Sale Price: Square Footage x PSF = 5,160 x $12.00 = $61,920.00.
Total Sale Price: Square Footage x PSF = 5,160 x $9.00 = $46,440.00
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, on June 18, 2019, the Newark Council adopted Resolution 7R2-c(S) ("Original Resolution") authorizing the execution of a Sale and Redevelopment Agreement ("Redevelopment Agreement") with Luvander Hollaway, 35 Burnet Street, Newark, New Jersey, 07102, for the purchase and redevelopment of the following City-owned Properties located in the Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
12 BEL...
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