Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop properties into three (3) multi-family homes.
Entity Name: Road to Prosperity, LLC
Entity Address: 511 South Orange Avenue, Newark, New Jersey 07103
Sale Amount: $67,455.00
Cost Basis: (X) $6.00 and $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $258,200.00
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)
175 Dickerson Street/Block 1875/Lot 42/West Ward
562 Sanford Avenue/Block 4109/Lot 19/West Ward
823-825 South 17th Street/Block 2644/Lot 18/South Ward
Additional Information:
Total Price: Square Footage X PSF = 5,010 X $10.00 = $50,100.00 and 2,892.5 X $6.00 = $17,355.00 ($67,455.00).
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 Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following City-owned properties located in the West Ward and South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE
SQ. FEET
PRICE PER SQ FT.
175 Dickerson Street
1875
42
25X50
1,250.0
$10.00
562 Sanford Avenue
4109
19
25X115.7
2,892.5
$6.00
823-825 South 17th Street
2644
18
37.6X100
3,760.0
$10.00
Purchase Price: $67,455.00 ($6.00 and $10.00 per sf.); and
WHE...
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