Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construction of a new three (3) family residential dwelling to be sold at market rate
Entity Name: 177 Scheerer Avenue LLC
Entity Address: 518 Belvidere Avenue, Plainfield, New Jersey 07062
Sale Amount: $78,960.00
Cost Basis: (X) $21.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $29,000.00
Appraised Amount: N/A
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)
177-179 Scheerer Avenue / Block 3666 / Lot 71 / South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 3,760 X $21= $78,960.00
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned property
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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 South Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE SQ. FEET
177-179 Scheerer Avenue
3666
71
37.6X100 3,760
Total Square Footage: 3,760
Purchase Price: $78,960.00 ($21.00 per sf.); and
WHEREAS, the City of Newark (the “City”) has determined that the above referenced City-owned property (the “Property”) is no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City is proceeding with the rehabilitation of the area and is conveying property at such prices and upon suc...
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