Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop five (5) two-family homes.
Entity Name: Carlos Lopes Investments, LLC
Entity Address: 480 North 4th Street, Newark, New Jersey 07107
Sale Amount: $83,832.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $158,000.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) 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)
331 South 7th Street/Block 280/Lot 21/Central Ward
420-422 South 10th Street/Block 282/Lot 9-10/Central Ward
409 South 10th Street/Block 283/Lot 14/Central Ward
437 South 11th Street/Block 284/Lot 10/Central Ward
397 South 8th Street/Block 290/Lot 17/Central
Additional Information:
Sale Price: Total Square Footage X PSF = 13,972 X $6.00 = $83,832.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
Deferred 7R2-c 102021
Deferred 7R2-b 110421
Deferred 7R2-b 111521
Deferred 7R2-b 120121
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WHEREAS, the Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following City-owned properties located in the Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
331 South 7th Street
280
21
25X100 2,500
420-422 South 10th Street
409 South 10th Street
437 South 11th Street
397 South 8th Street
282...
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