Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a two-family home to be located at 406 South 10th Street and a four-family home to be located at 559-561 South 10th Street, both to be sold at market rate.
Entity Name: Home Support Group LLC
Entity Address: 82 Old Smalleytown Road, Warren, New Jersey 07059
Sale Amount: $187,000.00
Cost Basis: (X) $22.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $97,300.00
Appraised Amount: N/A
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 Properties:
(Address/Block/Lot/Ward)
406 South 10th Street/Block 282/Lot 37/Central Ward
559-561 South 10th Street/Block 313/Lot 48/Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 8,500 X $22.00 = $187,000.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
body
WHEREAS, the purpose of this Resolution is 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(S)
SIZE SQ. FEET
406 South 10th Street
282
37
25X100 2,500
559-561 South 10th Street
313
48
50X120 6,000
Total Square Footage: 8,500
Purchase Price: $187,000.00 (22.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referen...
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