Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construction of two (2) new three-family or two-family homes to sale at market rate.
Entity Name: Level 6IX Group, LLC
Entity Address: 226 Isias Court BLDG 76, Perth Amboy, New Jersey 08861
Sale Amount: $120,336.00
Cost Basis: (X) $23.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $85,400.00
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)
9 Gladstone Avenue/Block 4004/Lot 43/ West Ward
11 Gladstone Avenue/Block 4004/Lot 42/ West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 5,232 X $23.00 = $120,336.00
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
SIZE SQ. FEET
9 Gladstone Avenue
4004
43
30X87.2 2,616
11 Gladstone Avenue
4004
42
30X87.2 2,616
Total Square Footage: 5,232
Purchase Price: $120,336.00 ($23.00 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 Cit...
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