Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct one (1) three-family and two (2) two-family residential homes.
Entity Name: Fresh Tone Homes, LLC
Entity Address: 34 Chestnut Road, Verona, New Jersey 07044
Sale Amount: $58,254.00
Cost Basis: (X) $7.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $46,300.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (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)
102-104 4th Street/Block 1886/Lot 29/West Ward
106 4th Street/Block 1886/Lot 28/West Ward
Additional Information:
Sale Price (Total Square Footage X Price PSF) = 8,322 X $7.00 = $58,254.00
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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WHEREAS, the purpose of this resolution is 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
SIZE
SQ. FEET
102-104 4th Street
1886
29
50 X 95
4,750
106 4th Street
1886
28
37.6 X 95
3,572
Total Square Footage: 8,322.
Total Purchase Price: $58,254.00 ($7.00 per sq.); and
WHEREAS, the City of Newark has determined that the above referenced City-owned Properties (the "Properties") are no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City of Newark is proceeding with the rehabilitation of the area and is conveying Properties at such prices and upon such terms as it deems reasonable and...
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