Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construction of a three-family residential dwelling that will be sold at market rate
Entity Name: Ahmed Burks LLC
Entity Address: 222 Semel Avenue, Garfield, New Jersey, 07026
Sale Amount: $90,804.00
Cost Basis: (X) $23.00 PSF ( ) Negotiated ( ) N/A ( ) Other
Assessed Amount: $85,800.00
Appraised Amount: N/A
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)
598-598- Bergen Street / Block 2660 / Lot 39 / South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 3,948 X $23.00 = $90,804.00
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned property
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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 South Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE SQ. FEET
598-598- Bergen Street
2660
39
37.6X105 3,948
Total Square Footage: 3,948
Purchase Price: $90,804.00 ($23.00 per sf.); 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 property at such prices an...
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