Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of two (2) 3-family homes to sell at market rate
Entity Name: 55-59 Pershing Ave, LLC
Entity Address: 310 Chestnut Street, Roselle Park, New Jersey 07204
Sale Amount: $93,379.00
Cost Basis: ( X ) $13.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $94,000.00
Appraised Amount: N/A
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)
55-59 Pershing Avenue/Block 5092.03/Lot 100/South Ward
Additional Information:
Total Price: Square Footage X PSF = 7,183 X $13.00 =$93,379.00,
Sale at prices set forth by Ordinance 6S&Fh, adopted April 7, 2004, establishing the minimum sale price of City-owned Properties.
Deferred 7R2-d 050725
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
55-59 Pershing Avenue
5092.03
100
65.3X110 7,183
Total Square Footage: 7,183
Purchase Price: $93,379.00 ($13.00 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), ...
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