Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate the property to create affordable rental or for-sale housing.
Entity Name: Black Congress Enterprises, LLC
Entity Address: 205 Custer Avenue, Newark, New Jersey 07112
Sale Amount: $40,000.00
Cost Basis: (X ) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $130,800.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) months from the 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)
193-195 Custer Avenue/Block 3603/Lot 58/South Ward
Additional Information:
Sale Price: Total Square Footage x PSF = 4,000 X $10.00 = $40,000.00
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 Department of Economic and Housing Development seek 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
SIZE
SQ. FEET
193-195 Custer Avenue
3603
58
40X100
4,000
Purchase Price: $40,000.00 ($10.00 per sf.); 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 is proceeding with the rehabilitation of the area and is conveying Properties at such prices and upon such terms as it deems reasonable, and said c...
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