Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To merge properties to construct two (2), two-family homes to serve as rental housing.
Entity Name: CDN Development, LLC
Entity Address: 290 Ferry Street, Newark, New Jersey 07105
Sale Amount: $34,740.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $98,600.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) 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)
115 Sherman Avenue/Block 2800/Lot 15/South Ward
117 Sherman Avenue/Block 2800/Lot 17/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 5,790 X $6.00 = $34,740.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
Failed 7R2-e 120121
body
WHEREAS, the Department of Economic and Housing Development seeks 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
115 Sherman Avenue
2800
15
33.1X100 3,310
117 Sherman Avenue
2800
17
24.8X100 2,480
Total Square Footage: 5,790.0
Total Purchase Price: $34,740.00 ($6.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Properties") are no longer needed for ...
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