Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide for new construction of two (2) three (3) family dwellings with a common driveway to sell at market rate.
Entity Name: CML Real Estate Development Group, LLC
Entity Address: Newark, New Jersey 07112
Sale Amount: $53,600.00
Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $80,500.00
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)
80-84 19th Avenue/Block 356/Lot 27/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 6,700 X $8.00 = $53,600.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
Deferred 7R2-o 122023
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WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned property located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
80-84 19th Avenue
356
27
67X100 6,700
Total Square Footage: 6,700
Purchase Price: $53,600.00 ($8.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Property") is no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A...
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