Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To build a new three-family home to sell at market rate.
Entity Name: 288 7th Street Redevelopment, LLC
Entity Address: South Orange, New Jersey 07079
Sale Amount: $20.000.00
Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A (X) Other:
Assessed Amount: $31,000.00
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)
288 South 7th Street Street/Block 270/Lot 21/West Ward
Additional Information:
Sale Price: Total Square Footage XPSF = 2,500 X $8.00 = $20,000.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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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 West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
288 South 7th Street
270
21
25X100 2,500
Total Square Footage: 2,500
Purchase Price: $20,000.00.$8.00 S.F); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned property (the "Property") is 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 prices and upon such terms...
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