Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct twenty-one (21) one-family townhome villas consisting of at least sixty-nine (69) bedroom units.
Entity Name: Beacon Development Partners, LLC
Entity Address: Newark, New Jersey 07103
Sale Amount: $142,717.26 $142,555.62
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $239,500.00
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)
375-377 South 20th Street/Block 1789/Lot 11/West Ward
16-18 Ferdinand Street/Block 1789/Lot 49/West Ward
8-14 Ferdinand Street/Block 1789/Lot 51/West Ward
376 Grove Street/Block 1789/Lot 55/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 23,786.21 23,759.27 X $6.00 = $142,717.26 $142,555.62.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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
375-377 South 20th Street
1789
11
40.1X107
4,290.70
16-18 Ferdinand Street
1789
49
50X133.31
6,6655
8-14 Ferdinand Street
1789
51
84.7X133.31
11,290.5173.57
376 Grove Street...
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