Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate the property for owner-occupied housing.
Entity Name: Lolita Gooden
Entity Address: 250 Madison Avenue, Newark, New Jersey 07108
Sale Amount: $61,550.00
Cost Basis: (X ) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $220,600.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) months following transfer of the property ownership from the City
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)
802-804 South 11th Street/Block 2651/Lot 32/South Ward
Additional Information:
Sale Price: Total Square Footage x PSF = 6,155 X $10.00 = $61,550.00
Sale at prices set forth by Ordinance 6S&Fh, adopted April 7, 2004, establishing the minimum sale price of City-owned properties.
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WHEREAS, the City of Newark, Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following City-owned Property located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
802-804 South 11th Street
2651
32
50X123.1
6,155
Purchase Price: $61,550.00 ($10.00 per sf.); 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; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City is proceeding with the rehabilitation of the area and is conveying Properties at such prices and upon such terms as it deems reasonable, and said ...
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