Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a single-family home to be rented at market rate.
Entity Name: 165 Vermont Ave LLC
Entity Address: 928 Sanford Avenue, Irvington, New Jersey 07111
Sale Amount: $100,000.00
Cost Basis: (X) $20.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $32,600.00
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)
165 Vermont Avenue/Block 4046/Lot 5/West Ward
167 Vermont Avenue/Block 4046/Lot 6/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 5,000 X $20.00 = $100,000.00.
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
165 Vermont Avenue
4046
5
25X100 2,500
167 Vermont Avenue
4046
6
25X100 2,500
Total Square Footage: 5,000
Purchase Price: $100,000.00 (20.00 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 use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City of Ne...
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