Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop properties into three (3) multi-family homes.
Entity Name: T3 Management, LLC
Entity Address: Paterson, New Jersey 07502
Sale Amount: $52,950.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $93,800.00
Appraised Amount: $0.00
Contract Period: To be commenced within three (3) months and be completed within eighteen (18) 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)
436 South 11th Street/Block 283/Lot 33/Central Ward
438 South 11th Street/Block 283/Lot 34/Central Ward
327 7th Avenue W/Block 1914/Lot 1/Central Ward
329 7th Avenue W/Block 1914/Lot 2/Central Ward
Additional Information:
Total Square Footage = 8,825.0 X $6.00 = $52,950.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
Deferred 7R2-f 012022
body
WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned properties located in the Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
436 South 11th Street
283
33
25.6X100
2,560.0
438 South 11th Street
283
34
25X100
2,500.0
327 7th Avenue W
1914
1
33.6X75
2,520.0
329 7th Avenue W
1914|1010|16.6X75
1245.0
Total Square Footage: 8,825.0
Purchase Price: $52,950.00 ($6.00 per sf.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Properties") are no longer needed for public use; and
WHEREAS, pursuan...
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