Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Rehabilitate the property as affordable rental or for-sale housing
Entity Name: Montes Property Group, LLC
Entity Address: 811 Clinton Avenue, Newark, New Jersey 07108-0710
Sale Amount: $40,000.00
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $177,500.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) 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)
41 Brookdale Avenue/Block 4065/Lot 73/West Ward
103 Brookdale Avenue/Block 4064/Lot 69/West Ward
156-158 Brookdale Avenue/Block 4070/Lot 9/West Ward
Additional Information:
Total Square Footage = 10,000.0 X $4.00 = $40,000.00
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 rehabilitation of the following City-owned Properties located in the West Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
41 Brookdale Avenue West 4065 73 25X100 2,500
103 Brookdale Avenue West 4064 69 25X100 2,500
156-158 Brookdale Avenue West 4070 9 50X100 5,000
Total Square Footage: 10,000.0
Total Purchase Price: $40,000.00 ($4.00 per sf.); and
WHEREAS, the City of Newark has determined that the above referenced City-owned Properties (...
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