Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Rehabilitate properties as rental or for-sale housing.
Entity Name: Washington Bay Group I, LLC
Entity Address: 811 Clinton Avenue, Newark, New Jersey 07108
Sale Amount: $24,000.00
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $249,700.00
Appraised Amount: $0.00
Contract Period: To be commenced within 3 months and be completed within 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)
830 S. 18th Street/Block 2644/Lot 46/South Ward
887 S. 19th Street/Block 3015/Lot 16/South Ward
Additional Information:
Total Square Footage = 6,000. X $4.00 = $24,000.00
Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned property.
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WHEREAS, the purpose of this resolution is to approve the sale and rehabilitation of the following City-owned Properties located in the South Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
830 S. 18th Street South 2644 46 25X100 2,500.
887 S. 19th Street South 3015 16 35X100 3,500.
Total Square Footage: 6,000.
Total Purchase Price: $24,000.00 ($4.00 per sf); and
WHEREAS, the City of Newark 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 ...
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