Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construction of a residential two (2) family building and a residential multi-family development for rent.
Entity Name: Creative Development Real Estate, LLC
Entity Address: 1203 River Road, Apt. 9H, Edgewater, New Jersey 07020
Sale Amount: $54,750.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $ $81,300.00
Appraised Amount: 0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) months following transfer of property 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)
732 Bergen Street/Block 2707/Lot 50/South Ward
861-865 South 12th Street/Block 3008/Lot 65/South Ward
Additional Information:
Sale Price: Total Square Footage X Price PSF = 9,125 X $6.00 = $54,750.00
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 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
732 Bergen Street 2707 50 25X105 2,625
861-865 South 12th Street 3008 65 65X100 6,500
Total Square Footage: 9,125
Total Purchase Price: $54,750.00 ($6.00 per sf.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Properties") are n...
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