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 a multi-unit development for seniors, (20) units with a mix of affordable and market rate rentals.
Entity Name: 266 Clinton Ave Holdings, LLC
Entity Address: 325 Ferry Street, Suite 108, Newark, New Jersey 07105
Sale Amount: $33,135.36
Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $114,400.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
266 Clinton Avenue/Block 2671/Lot 3/South Ward
268 Clinton Avenue/Block 2671/Lot 2/South Ward
270 Clinton Avenue/Block 2671/Lot 1/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 4,141.92 X $8.00 = $33,135.36.
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 of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
266 Clinton Avenue
2671
3
19.2X84.10 1,614.72
268 Clinton Avenue
2671
2
18.11X 70 1,267.70
270 Clinton Avenue
2671
1
22.9X55 1,259.50
Total Square Footage: 4,141.92
Purchase Pr...
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