Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Rehabilitate the existing properties to create rental or for sale housing; and a service garage
Entity Name: Luvander Hollaway
Entity Address: 35 Burnet Street, Newark, New Jersey 07102
Sale Amount: $61,920.00
Cost Basis: (X) $12.00 PSF ( ) Negotiated ( ) N/A ( ) Other
Assessed Amount: $269,700.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) 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)
12 Belgium Street/Block 308/Lot 29/Central Ward
14 Belgium Street/Block 308/Lot 30/Central Ward
Additional Information:
Total Sale Price: Square Footage x PSF = 5,160 X $12.00 = $61,920.00
Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned property.
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WHEREAS, the purpose of this resolution 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
12 BELGIUM ST
308
29
25X100
2,500.
14 BELGIUM ST
308
30
26.6X100
2,660.
Total Square Footage: 5,160.
Purchase Price: $61,920.00 ($12.00 per sf.); and
WHEREAS, the City of Newark has determined that the above referenced City-owned Properties (the "Properties") are no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City of Newark is proceeding with the rehabilitation of the area and is conveying Properties at such prices and upon such terms as it deems reasonable...
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