Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of two (2) two-family homes, one (1) home will be rented at market rate and one (1) home will be rented to a Section 8 Housing Choice Voucher participant.
Entity Name: A&V Investment Group LLC
Entity Address: 406 Berkeley Avenue, Bloomfield, New Jersey 07003
Sale Amount: $99,960.00
Cost Basis: (X) $20.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $40,400.00
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)
24-26 Gladstone Avenue/Block 4003/Lot 39/West Ward
28 Gladstone Avenue/Block 4003/Lot 38/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 4,998 X $20.00 = $99,960.00.
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 Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
24-26 Gladstone Avenue
4003
39
30X83.3 2,499
28 Gladstone Avenue
4003
38
30X83.3 2,499
Total Square Footage: 4,998
Purchase Price: $99,960.00 (20.00 per s.f.); and
WHEREAS, the City of Newark (the “City”) has determined that the above referenced City-owned propert...
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