Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: 602 South Orange Avenue and 604 South Orange Avenue will consist of new construction of a mixed use building having two (2) to three (3) units for rent at market rate, ground floor commercial space for wine and spirits shop, and customer parking lot; 35 North 14th Street will be new construction of a two (2) family home to be sold at market rate.
Entity Name: IAMYCO Investments LLC
Entity Address: 81 Northfield Avenue #103, West Orange, New Jersey 07052
Sale Amount: $143,764.11
Cost Basis: (X) $21.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $169,400.00
Appraised Amount: $0.00
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)
602 South Orange Avenue/ Block 4003/ Lot 2/ West Ward
604 South Orange Avenue/ Block 4003/ Lot 1/ West Ward
35 North 14th Street/ Block 1923/ Lot 40/ West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 6,845.91 X $21.00 = $143,764.11.
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 Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET ...
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