Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: (1) Rehabilitate property as rental or for-sale housing; (2) Create ancillary parking for adjacent neighborhood restaurant
Entity Name: V. Mitchell, LLC
Entity Address: 553-555 Springfield Avenue, Newark, New Jersey 07103
Sale Amount: $31,345.60
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A (X) Other:$8.00 PSF
Assessed Amount: $203,700.00
Appraised Amount: $0.00
Contract Period: To be commenced within 3 months and be completed within 12 months from the transfer of ownership by the City.
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)
399 S 15th Street/Block 319/Lot 31/West Ward
641 S 11th Street/Block 2618/Lot 11/ South Ward
557 Springfield Avenue/Block 2618/Lot 8/South Ward
Additional Information:
Project 1: Total Square Footage = 3,510. X $4.00 = $14,040.00
Sale to RFQ respondent at prices set forth by Ordinance 6S&Fh April 7, 2004 establishing the minimum sale price of City-owned property.
Project 2: Total Square Footage = 2,163.2 X $8.00 = 17,305.60
Sale to RFQ respondent owning an adjacent business.
Total Purchase Price: $31,345.60
body
WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned Properties located in the West and South Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
399 S 15th Street West 319 31 35.1X100 3,510.
641 S 11th Street South 2618 11 25X22 550.
557 Springfield Avenue South 2618 8 21.8X74 1,613.2
Total Square...
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