Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To renovate the property into a two-family home, designating one (1) unit at market rate and the other unit as affordable for individuals earning 80% of the Area Median Income ("AMI").
Entity Name: Parkview Renewal, LLC
Entity Address: 3501 Black Horse Pike, Turnersville, New Jersey 08012
Sale Amount: $66,217.50
Cost Basis: (X) $15.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $85,500.00
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)
26-28 Parkview Terrace/Block 3660/Lot 39/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 4,414.5 X $15.00 = $66,217.50.
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
26-28 Parkview Terrace
3660
39
45X98.10 4,414.5
Total Square Footage: 4,414.5
Purchase Price: $66,217.50 (15.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned property (the "Property") is no...
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