Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide for the development of two (2) affordable two-family dwellings for sale.
Entity Name: Allstar Development Enterprises, LLC
Entity Address: Newark, New Jersey 07108
Sale Amount: $41,436.00
Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A (X) Other:
Assessed Amount: $86,300.00
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)
380 South 10th Street/Block 267/Lot 8/West Ward
706 Bergen Street/Block 2688/Lot 39/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 5,179.5 X $8.00 = $41,436.00
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 West and South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
380 South 10th Street
267
8
25X102.6 2,565
706 Bergen Street
2688
39
24.9X105 2,614.50
Total Square Footage: 5,179.50
Purchase Price: $41,436.00 ($8.00 S.F); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned property (the "Property") is no longer needed for ...
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