Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of (2) two family homes, 1 unit will be owner occupied and 3 affordable rental units.
Entity Name: Teki Construct LLC
Entity Address: 30 Arsdale Place, Newark, New Jersey, 07106
Sale Amount: $62,820.00
Cost Basis: ( X ) $12.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $28,800.00
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)
438 Peshine Avenue/Block 3576/Lot 29/South Ward
440 Peshine Avenue/Block 3576/Lot 28/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 5,235 X $12.00 = $62,820.00.
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-e 120424
body
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
438 Peshine Avenue
3576
29
30.4X100 3,040
440 Peshine Avenue
3576
28
2195
Total Square Footage: 5,235
Purchase Price: $62,820.00 (12.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Pr...
Click here for full text