Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop properties into two (2) multi-family homes.
Entity Name: Warwick 1300, LLC
Entity Address: 495 North Bridge Street, #6301, Bridgewater, New Jersey 08807
Sale Amount: $30,000.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $81,300.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months from the transfer of 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)
51 Gray Street/Block 1904/Lot 17/West Ward
144 Fabyan Place/Block 3083/Lot 17/South Ward
Additional Information:
Total Square Footage = 5,000 X $6.00 = $30,000.00.
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 Department of Economic and Housing development seeks to approve the sale and redevelopment of the following City-owned properties located in the West Ward and South Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
51 Gray Street
1904
17
25X100
2,500
144 Fabyan Place
3083
17
25X100
2,500
Total Square Footage: 5,000 sq. ft.
Purchase Price: $30,000.00 ($6.00 per sf.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Properties") are no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City of Newark is proceeding with the rehabilitation of the area and is conveying Properties at such pric...
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