Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of two multi-family homes with 3 affordable units and 2 market rate units.
Entity Name: All For the Family LLC
Entity Address: 1080 Lawrence Avenue, Westfield, New Jersey 07090
Sale Amount: $56,221.00
Cost Basis: ( X ) $11.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $140,300.00
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)
143 Sunset Avenue/Block 4061.01/Lot 74 / West Ward
213 4th Street/Block 1914/ Lot 9/ Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF =5,111X $11.00 = $56,221.00.
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 property located in the West and Central Wards of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
143 Sunset Avenue
4061.01
74
26.11X100 2,611
213 4th Street
1914
9
25X100 2,500
Total Square Footage: 5,111
Purchase Price: $56,221.00 ($11.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Pro...
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