Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct a fifty (50) unit multi-function residential complex and a six (6) unit permanent housing building for market rate rental housing.
Entity Name: Headway, LLC
Entity Address: 127 Delacy Avenue, North Plainfield, New Jersey 07060
Sale Amount: $159,200.00
Cost Basis: (X) $12.00/$7.00 PSF ( ) Negotiated ( ) N/A ( ) Other
Assessed Amount: $258,100.00
Appraised Amount: $0.00
Contract Period: To commence 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)
398-406 Chancellor Avenue/Block 3735/Lot 1/South Ward
556-558 Sandford Avenue/Block 4109/Lots 16 and 17/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = (10,000 X $12.00 = $120,000.00) + (5,600 X $7.00 = $39,200.00) = $159,200.00
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 to approve the sale and redevelopment of the following City-owned properties located in the South Ward and the West Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
398-406 Chancellor Avenue
3735|1010|100X100
10,000
556-558 Sandford Avenue
4109
16
50X112
5,600
Purchase Price: (10,000 X $12.00 per sf. = $120,000.00) + (5,600 X $7.00 per sf. = $39,200.00) = $159,200.00; and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City...
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