Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate properties into four (4) three-family homes, three (3) of which shall be sold at fair market value and one (1) shall include affordable housing.
Entity Name: JSTWH, LLC
Entity Address: Ewing, New Jersey 08638
Sale Amount: $154,364.60
Cost Basis: (X) $13.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $335,300.00
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 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)
372 Hillside Avenue/Block 3558/Lot 30/South Ward
441 Avon Avenue/Block 2635/Lot 29/South Ward
443 Avon Avenue/Block 2636/Lot 27/South Ward
16-18 White Terrace/Block 3041/Lot 103/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 11,874.2 X $13.00 = $154,364.60
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 redevelopment of the following City-owned properties located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
372 Hillside Avenue
3558
30
28.9 X 78 2,254.2
441 Avon Avenue
2635
29
25 X 101 2,525
443 Avon Avenue
2636
27
25 X 99 2,475
16-18 White Terrace
3041
103
50 X 92.4 4,620
Tot...
Click here for full text