Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a 3 1/2 story residential building, all units designated to households earning 60%-80% AMI.
Entity Name: Pichardo Development LLC
Entity Address: 587 North 8th Street, Newark, New Jersey 07107
Sale Amount: $73,625.30
Cost Basis: (X) $17.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $66,900.00
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)
62-64 Lincoln Avenue/Block 620/Lot 66/North Ward
66 Lincoln Avenue/Block 620/Lot 68/North Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 4,330.9X $17.00 = $73,625.30.
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 North Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
62-64 Lincoln Avenue
66 Lincoln Avenue
620
620
66
68
41.3X50 2,065
41.5X54.6 2,265.9
Total Square Footage: 4,330.9
Purchase Price: $73,625.30 (17.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Pro...
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