Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop five (5) affordable multi-family homes in the West Ward.
Entity Name: Lilac Development Group, LLC
Entity Address: 18-20 Bloomfield Avenue, Belleville, New Jersey 07109
Sale Amount: $116,970.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $94,000.00
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)
545 Sanford Avenue/Block 4120/Lot 21/West Ward
116 Stuyvesant Avenue/Block 4067/Lot 15/West Ward
140 Abinger Place/Black 4111/Lot 36/West Ward
51-53 Underwood Street/Block 4077/Lot 17/West Ward
368-370 Sanford Avenue/Block 4198/Lot 93/West Ward
Additional Information:
Total Price: Square Footage X PSF = 19,495 X $6.00 = $116,970.00.
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 Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following City-owned Properties located in the West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
545 Sanford Avenue
4120
21
25X100 2,500
116 Stuyvesant Avenue
4067
15
33.10X100 3,310
140 Abinger Place
4111
36
25X189 4,725
51-53 Underwood Street
4077
17
44X90 3,960
368-370 Sanfo...
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