Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop properties into a six (6) story mixed-use building with fifty (50) residential units, parking and commercial space.
Entity Name: Celaya Capital, LLC
Entity Address: Colts Neck, New Jersey 07722
Sale Amount: $61,247.84
Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $100,800.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
376 South Orange Avenue/Block 266/Lot 3/West Ward
394 South 11th Street/Block 266/Lot 32/West Ward
392 South 11th Street/Block 266/Lot 33/West Ward
Additional Information:
Total Price: Square Footage X PSF = 7,655.98 X $6.00 = $61,247.84.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
Deferred 7R2-f 071322
body
WHEREAS, the Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following City-owned properties located in the West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
376 South Orange Avenue
266
3
25.8X104.4 2,923.20
394 South 11th Street 392 South 11th Street
266
266
32
33
25.4X91.3 2,319.02
25.32X95.33 2,413.76
Total Square Footage: 7,655.98
Purchase Price: $61,247.84 ($6.00 per s.f.); and...
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