Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Demolish the property and combine it with the adjacent parcels for a veterans targeted housing project with parking.
Entity Name: Domus Corporation
Entity Address: 590 North 7th Street, Newark, New Jersey 07107
Sale Amount: $5,000.00
Cost Basis: (X) $2.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $157,600.00
Appraised Amount: $0.00
Contract Period: To be commenced within three (3) months and be completed within twenty-four (24) 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)
108 3rd Avenue/Block 526/Lot 10/Central Ward
Additional Information:
Total Square Footage = 2,500 X $2.00 = $5,000.00
Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned properties
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WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned property located in the Central Ward of the City of Newark (the "City"):
ADDRESS WARD BLOCK LOT(S) SIZE SQ. FEET
108 3rd Avenue Central 526 10 25X100 2,500
Purchase Price: $5,000.00 ($2.00 per sq.ft.); and
WHEREAS, the City has determined that the above referenced City-owned property (the "Property") is 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 reaso...
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