Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate property and sell to a Newark 1st time homebuyer at 120% AMI and to construct a new three-family home to provide affordable rental units at 60-40% AMI.
Entity Name: 813 State St, LLC
Entity Address: Hillside, New Jersey 07205
Sale Amount: $108,060.00
Cost Basis: (X) $15.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $173,500.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
24 Wyndmoor Avenue/Block 3721.02/Lot 18/South Ward
26 Wyndmoor Avenue/Block 3721.02/Lot 16/South Ward
836 South 14th Street/Block 3009/Lot 33/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 7,204 X $15.00 = $108,060.00.
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 South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
24 Wyndmoor Avenue
3721.02
18
40X87 3,480
26 Wyndmoor Avenue
3721.02
16
20.1X40 804
836 South 14th Street
3009
33
29.2X100 2,920
Total Square Footage: 7,204
Purchase Price:...
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