Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: On 555 South Orange Ave., new construction of a mix-used building with a resource center on the ground floor and 4 residential apartments above. On 25-27 Martin Luther King Boulevard will be new construction of a 4-family home to sell to a first-time homebuyer at market rate.
Entity Name: Transcend Outreach Center, Inc.
Entity Address: 971 Clinton Avenue, Irvington, New Jersey 07111
Sale Amount: $90,238.20
Cost Basis: (X) $15.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $90,900.00
Appraised Amount: N/A
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
555 South Orange Avenue /Block 1789/Lot 30/ West Ward
25 Martin Luther King Boulevard /Block 486/Lot 12/ Central Ward
27 Martin Luther King Boulevard /Block 486/Lot 13/ Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 6,015. 88 X $15.00 = $90,238.20
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 purpose of this Resolution is to approve the sale and redevelopment of the following City-owned property located in the West and Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
555 South Orange Avenue
1789
30
25X100 2,5...
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