Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To build two (2) family multi-units and rent back to the community at a reasonable market rate.
Entity Name: Maximum Holding Group 1, LLC
Entity Address: 1162 St. Georges Avenue, Suite 265, Avenel, New Jersey 07001
Sale Amount: $40,000.00
Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $61,300.00
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)
437 S. 17th Street/Block 321/Lot 23/West Ward
496 S. 17th Street/Block 327/Lot 41/West Ward
Additional Information:
Sale Price: Total Square Footage X $8.00 = 5,000 X $8.00 = $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 Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following City-owned Property located in the West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
437 S. 17th Street
321
23
25X100 2,500
496 S. 17th Street
327
41
25X100 2,500
Total Square Footage: 5,000
Purchase Price: $40,000.00 (8.00 S.F); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned Properties...
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