Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a sixteen-unit (16) building, five (5) units to be rented at 30% AMI and eleven (11) units to be rented at 60% AMI.
Entity Name: Pre-appraisals Property Development LLC
Entity Address: 17 Academy Street, Suite 301, Newark, New Jersey 07102
Sale Amount: $83,470.00
Cost Basis: (X) $17.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $107,800.00
Appraised Amount: N/A
Contract Period: To commence within three (3) months and be completed withing eighteen (18) months following transfer of Properties 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 Properties:
(Address/Block/Lot/Ward)
479 Springfield Avenue/Block 2608/Lot 14/Central Ward
481 Springfield Avenue/Block 2608/Lot 13/Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 4,910 X $17.00 = $83,470.00
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 Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
479 Springfield Avenue
2608
14
25X101.4 2,535
481 Springfield Avenue
2608
13
25X95 2,375
Total Square Footage: 4,910
Purchase Price: $83,470.00 ($17.00 per s.f.); and
WHEREAS, the City of Newark (the “City”) has determined that the above referenced City-owned proper...
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