Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a 2-family home and provide 2 market rate rental units.
Entity Name: Eclat Way Limited Liability CompanyY
Entity Address: 222 Linwood Place, Hillside, New Jersey 07205
Sale Amount: $26,250.00
Cost Basis: ( X ) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $31,900.00
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 Property:
(Address/Block/Lot/Ward)
749 South 20th Street/ Block 368/ Lot 19/ South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 2,625 X $10.00 = $26,250.00.
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-a 120424
body
WHEREAS, the purpose of this Resolution is 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(S)
SIZE SQ. FEET
749 South 20th Street
368
19
25X105 2,625
Total Square Footage: 2,625
Purchase Price: $26,250.00 ($10.00 per s.f.); 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 ...
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