Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop one (1) two-family, and two (2) three-family residential homes.
Entity Name: Commercial Funding Group LLC
Entity Address: 741 Clinton Avenue, Newark, New Jersey 07108
Sale Amount: $70,072.56
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $67,400.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months from the transfer of ownership 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)
88-90 Milford Ave/Block 2672/Lot 34/South Ward
92 Milford Ave/Block 2672/Lot 35/South Ward
94 Milford Ave /Block 2672/Lot 31/South Ward
Additional Information:
Total Sale Price: Square Footage x PSF = 11,678.76 X $6.00 = $70,072.56
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 to approve the sale and redevelopment of the following City-owned Properties located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
88-90 Milford Ave
2672
34
42.6X110.10
4,690.26
92 Milford Ave
2672
35
30X108
3,240.
94 Milford Ave
2672
31
35.7X105
3,748.5
Total Square Footage: 11,678.76
Total Purchase Price: $70,072.56 ($6.00 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...
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