Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a 2-family home with market rate rentals and a 3 car port driveway.
Entity Name: Wrighton Management LLC
Entity Address: 165 Passaic Avenue, Fairfield, New Jersey 07004
Sale Amount: $92,068.30
Cost Basis: (X) $19.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $14,000.00
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)
921-923 South 20th Street/ Block 3016.01/ Lot 42/ South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 4,845.7 X $19.00 = $92,068.30.
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 South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
921-923 South 20th Street
3016.01
42
47X103.10 4,845.7
Total Square Footage: 4,845.7
Purchase Price: $92,068.30 ($19.00 per 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 public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City...
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