Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Renovation of the Property as a commercial garage for removal depository, sorting and passive storage facility.
Entity Name: Rehab Home Builders L.L.C.
Entity Address: 79-81 Shanley Avenue, Newark, New Jersey 07108
Sale Amount: $30,000.00
Cost Basis: (x ) $12.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $186,600.00
Appraised Amount: N/a
Contract Period: To commence within three (3) months and be completed within twelve (12) 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)
236 Fabyan Place/ Block 3084.01/ Lot 6/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 2,500 X $12.00 = $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 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
236 Fabyan Place
3084.01
6
25X100 2,500
Total Square Footage: 2,500
Purchase Price: $30,000.00 ($12.00 per s.f.)
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned property (the "Property") is 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...
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