Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct a new construction of two (2) three-family dwellings, units will be sold as affordable at 60-80% AMI.
Entity Name: Infinite Builders, LLC
Entity Address: 51 Nairn Place, Newark, New Jersey 07108
Sale Amount: $58,300.00
Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $45,200.00
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)
364-366 Grove Street/Block1789/Lot 42/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 5,830 X $10.00 = $58,300.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned property located in the West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
364-366 Grove Street
1789
42
58.3X100 5,830
Total Square Footage: 5,830
Purchase Price: $58,300.00 ($10.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Property") are no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City o...
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