Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide new construction of a mixed-use, mixed-income building with commercial space on the first floor and approximately (18) residential units on the upper floors.
Entity Name: 508 Springfield Avenue, LLC
Entity Address: 59 Lincoln Park, Suite 375, Newark, New Jersey 07102
Sale Amount: $72,852.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Total Assessed Amount: $264,000.00
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 Properties:
(Address/Block/Lot/Ward)
516 Springfield Avenue/Block 307/Lot 6/ Central Ward
514 Springfield Avenue/Block 307/Lot 7/Central Ward
512 Springfield Avenue/Block 307/Lot 8/Central Ward
510 Springfield Avenue/Block 307/Lot 9/Central Ward
508 Springfield Avenue/Block 307/Lot 10/Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 12,142 X $6.00 = $72,852.00.
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 (the "Properties") located in the Central Ward of the City of Newark (the "City")
ADDRESS
WARD
BLOCK
LOT
SIZE
SQ. FEET
516 Springfield Avenue
Central
307|1010|23.9X100
2390
514 Springfield Avenue
Central
307|1010|23.9X100
2390
512 Springfield Avenue
...
Click here for full text