Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of two (2) three-family homes to sale at market rate.
Entity Name: 12-14 Fabyan Place LLC
Entity Address: 110 Jabez Street, Suite 345, Newark, New Jersey 07105
Sale Amount: $141,720.00
Cost Basis: (X) $24.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $25,600.00
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 Property:
(Address/Block/Lot/Ward)
12-14 Fabyan Place/Block 3078/Lot 22/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 5,905 X $24.00 = $141,720.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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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
12-14 Fabyan Place
3078
22
50X118.10 5,905
Total Square Footage: 5,905
Purchase Price: $141,720.00 (24.00 per s.f.); and
WHEREAS, the City of Newark (the “City”) has determined that the above referenced City-owned property (the “Property”) are no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City of Newark is proceeding with the rehabilitation of the area and is conveying Property at such p...
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