Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop two (2) affordable two-family luxury homes.
Entity Name: Vision Investment Group, Limited Liability Company
Entity Address: East Orange, New Jersey 07018
Sale Amount: $39,960.00
Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $61,300.00
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)
665 South 15th Street/Block 359/Lot 18/South Ward
549 18th Avenue /Block 360/Lot 3/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 4,995 X $8.00 = $39,960.
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 101823
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
665 South 15th Street
359
18
25X99.8 2,495
549 18th Avenue
360
3
25X100 2,500
Total Square Footage: 4,995
Purchase Price: $39,960.00 ($8.00 per s.f) ; and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Property") are no longer needed for public u...
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