Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop two (2) three-family homes as rental or for-sale housing.
Entity Name: Rubix International Limited Liability Company
Entity Address: 24 Commerce Street, Suite 1420, Newark, New Jersey 07102
Sale Amount: $46,560.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $42,900.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
320-322 Hawthorne Avenue/Block 3612/Lot 4/South Ward
232-234 Schley Street/Block 3733/Lot 89/South Ward
Additional Information:
Sale Price: Total Square Footage x PSF = 7,760 X $6.00 = $46,560.00.
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 properties located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
320-322 Hawthorne Avenue
3612
4
37.6X100
232-234 Schley Street
3733
89
40X100
Purchase Price: $46,560.00; and
WHEREAS, the City of Newark (The "City") has determined that the above referenced City-owned properties (the "Properties") are no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City of Newark is proceeding with the rehabilitation of the area and is convey...
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