Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a two-family dwelling, with one unit designated for owner occupancy and the second unit to be leased to an income-qualified household at 80% of Area Median Income (AMI).
Entity Name: King Deans LLC
Entity Address: 224 Fairmount Avenue Newark, New Jersey 07103
Sale Amount: $63,920.00
Cost Basis: (X) $17.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $27,800.00
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)
215 Fairmount Avenue /Block 263/Lot 55/ West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 3,760 X $17.00 = $63,920.00
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
SIZE SQ. FEET
215 Fairmount Avenue
263
55
37.6X100 3,760.00
Total Square Footage: 3,760.00
Purchase Price: $63,920.00 ($17.00 per sf.); 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 of Newark is procee...
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