Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop eight (8), two or three- family homes; (4) homes will be sold/rented to 1st time home buyers at 120% HUD AMI and (4) homes will be sold at market rate.
Entity Name: Four Quarter Partners, LLC
Entity Address: Bedminister, New Jersey 07921
Sale Amount: $208,980.00
Cost Basis: (X) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $231,200.00
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 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)
276 South 9th Street/Block 1781/Lot 67.02/West Ward
278 South 9th Street/Block 1781/Lot 67.01/West Ward
280 South 9th Street/Block 1781/Lot 66/West Ward
282 South 9th Street/Block 1781/Lot 65/West Ward
284 South 9th Street/Block 1781/Lot 64/West Ward
285 South 9th Street/Block 1782/Lot 14/West Ward
287-289 South 9th Street/Block 1782/Lot 15.01/West Ward
291 South 9th Street/Block 1782/Lot 15.02/West Ward
Additional Information:
Total Price: Square Footage X PSF = 23,220 X $9.00 = $208,980.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned properties located in the West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET ...
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