Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construction of two two-family homes, with one home to be built on each lot. The homes will be sold to households earning up to 80% of the Area Median Income (AMI).
Entity Name: Bright Night LLC
Entity Address: 15 1st Street Hackensack, New Jersey, 07601
Sale Amount: $86,530.00
Cost Basis: (X) $17.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $37,200.00
Appraised Amount: $0.00
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)
64 Kent Street /Block 2615/Lot 30/ South Ward
31 North Munn Avenue /Block 4213/Lot 30/ West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 5,090 X $17.00 = $86,530.00
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, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned property located in the South Ward and West Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE SQ. FEET
64 Kent Street
2615
30
25X97.5 2,437.50
31 North Munn Avenue
4213
30
25X106.1 2,652.50
Total Square Footage: 5,090.00
Purchase Price: $86,530.00 ($17.00 per sf.); and
WHEREAS, the City of Newark (the “City”) has determined that the above referenced City-owned properties (the “Property”) are no longer ...
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