Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construction of a mixed-used property with retail/commercial rental space on the ground floor and residential apartments on the second and third floors for rent to individuals at 50% AMI
Entity Name: Hayatt, Inc.
Entity Address: 348 Springfield Avenue, Newark, NJ 07103
Sale Amount: $27,000.00
Cost Basis: (X) $7.965 x 3,289.60 PSF ( ) Negotiated ( ) N/A ( ) Other: _________
Assessed Amount: 24 Sixteenth Ave. - $40,000.00; 350 Springfield Ave. - $44,000.00
Appraised Amount: Information not provided
Contract Period: Must be commenced within 3 months and be completed within 24 months from the transfer of ownership by the City
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) Non-Fair & Open (X) RFP ( ) RFQ (X) Private Sale
( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
Address/Block/Lot/Ward
24 Sixteenth Avenue/257/5/Central Ward
350 Springfield Avenue/257/12/Central Ward
Additional Information:
Adopted Resolution 7RDO (A.S) 061505, "area in need of rehabilitation"
Adopted Ordinance 6PhS&FE (S) 081705, "Central Ward Redevelopment Plan"
Deferred 7R3-f 091609
Deferred 7R3-b 100709
Deferred 7R3-a 102109
Invitation: Economic & Housing Development Director, November 5, 2009