Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate properties as affordable housing for very low-income families (30% AMI) living and attending school in the South Ward.
Entity Name: Community Asset Preservation Corporation
Entity Address: 421 Halsey Street, Newark, New Jersey 07102
Sale Amount: $29,862.00
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $320,600.00
Appraised Amount: $0.00
Contract Period: To be commenced within three (3) months and be completed within twelve (12) months from the transfer of ownership by the City.
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)
20 Treacy Avenue/Block 2625/Lot 1/South Ward
742-744 South 10th Street/Block 2652/Lot 53/South Ward
Additional Information:
Total Square Footage = 7,465.5 X $4.00 = $29,862.00
Sale to community partner providing affordable housing opportunities, at prices set forth by Ordinance 6S&Fh, adopted April 7, 2004, establishing the minimum sale price of City-owned property.
body
WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned properties located in the South Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
20 Treacy Avenue South 2625 1 35X101.3 3,545.5
742-744 South 10th Street South 2652 53 35X112 3,920.0
Total Square Footage: 7,465.5
Total Purchase Price: $29,862.00 ($4.00 per sq. ft.); and
WHEREAS, the City of Newark has determined that ...
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