Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of two (2) three-family homes, of which one (1) will be sold at market rate and the other will be sold at an affordable rate
Entity Name: Vinci Development LLC
Entity Address: 138 Levgar Street, Piscataway, New Jersey 08854
Sale Amount: $60,000.00
Cost Basis: ( X ) $12.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $88,900.00
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)
48 Columbia Avenue/ Block 4031/ Lot 28/ West Ward
51 Columbia Avenue/Block 4034/ Lot 67/ West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 5,000 X $12.00 = $60,000.00.
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 West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
48 Columbia Avenue
4031
28
25X100 2,500
51 Columbia Avenue
4034
67
25X100 2,500
Total Square Footage: 5,000
Purchase Price: $60,000.00 ($12.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined ...
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