Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Redevelop three in-fill vacant lots into three (3) 2-family homes.
Entity Name: GWB Development Group, LLC
Entity Address: 7 Oak Place, Montclair, New Jersey 07042
Sale Amount: $50,800.00
Cost Basis: (X ) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $100,300.00.
Appraised Amount: $N/A
Contract Period: To be commenced within 3 months and be completed within 18 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)
50-52 Tillinghast Street/Block 3029/Lot 3/South Ward
58 Tillinghast Street/Block 3037/Lot 31/South Ward
66-68 Tillinghast Street/Block 3037/Lot 36/South Ward
Additional Information:
Total Square Footage = 12,700.sq. ft. X $4.00 = $50,800.00
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WHEREAS, the purpose of this resolution is to approve the sale and redevelopment and/or rehabilitation, as may be applicable, of the following City-owned properties located in the South Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
50-52 Tillinghast St. South 3029 3 45X100 4,500.
58 Tillinghast St. South 3037 31 32X100 3,200.
66-68 Tillinghast St. South 3037 36 50X100 5,000.
12,700. Total Sq. Ft.
Total Purchase Price: $50,800.00 ($4.00/sq. ft.); and
WHEREAS, the City of Newark has determined that the above referenced City-owned p...
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