Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construction of a mixed-use building consisting of thirty-two (32) residential apartments and two (2) ground-level commercial spaces, with twenty percent (20%) of the residential units designated as affordable housing.
Entity Name: GonSosa Development LLC
Entity Address: 429 Chestnut Street, Roselle Park, New Jersey 07204
Sale Amount: $220,500.00
Cost Basis: (X) $ 21.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $126,000.00
Appraised Amount: N/A
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)
372-378 15th Avenue/Block 275/Lot 29/ Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 10,500 X $21.00 = $220,500.00.
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 redevelopment of the following City-owned property located in the Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE SQ. FEET
372-378 15th Avenue
275
29
105X100 10,500
Total Square Footage: 10,500
Purchase Price: $220,500.00 (21.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned property (the "Property") is no longer needed for public use; and
WH...
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