Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide a new construction of three (3) two-family homes to provide homeownership opportunities at current market value.
Entity Name: Brick One, LLC
Entity Address: Newark, New Jersey 07112
Sale Amount: $67,120.00
Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $71,100.00
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)
158 Renner Avenue/Block 3666/Lot 9/ South Ward
128 Seymour Avenue/Block 3019/Lot 17/South Ward
127 Seymour Avenue/Block 3024/Lot 86/South Ward
Additional Information:
Total Price: Square Footage X PSF = 8,390 X $8.00 = $67,120.00.
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 properties located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
158 Renner Avenue
3666
9
28.10X100 2,810
128 Seymour Avenue
3019
17
28X110 3,080
127 Seymour Avenue
3024
86
25X100 2,500
Total Square Footage: 8,390
Purchase Price: $67,120.00 ($8.00 per s.f.); and
WHEREAS, the City of Newark (the "City") h...
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