Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: The new construction of two (2) residential homes, consisting of one (1) four-family home and one (1) three-family home, both to be sold at market rate.
Entity Name: Leveluxe, LLC
Entity Address: 60 Park Place, Suite 409, Newark, New Jersey 07102
Sale Amount: $113,777.00
Cost Basis: (X) $20.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $113,900.00
Appraised Amount: $0.00
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)
20 Shanley Avenue/Block 2626/Lot 17/South Ward
95 North Munn Avenue/Block 4220/Lot 14/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 5,688.85 X $20.00 = $113,777.00.
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 properties located in the South Ward and West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
20 Shanley Avenue
2626
17
35X91.11 3,188.85
95 North Munn Avenue
4220
14
25X100 2,500
Total Square Footage: 5,688.85
Purchase Price: $113,777.00 (20.00 per s.f); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties ...
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