Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a three-family home, one unit will be rented at an affordable rate of 60% Area Median Income and the other units will be rented at market rate.
Entity Name: TJ Squared Investments LLC
Entity Address: 34 Chancellor Avenue, Newark, New Jersey 07112
Sale Amount: $69,000.00
Cost Basis: (X) $23.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $171,600.00
Appraised Amount: n/a
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)
371 South 11th Street/Block 1784/Lot 25/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 3,000 X $23.00 = $69,000.00.
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 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
371 South 11th Street
1784
25
30X100 3,000
Total Square Footage: 3,000
Purchase Price: $69,000.00 (23.00 per s.f.); and
WHEREAS, the City of Newark (the “City”) has determined that the above referenced City-owned property (the “Property”) is no longer needed for public use...
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