Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide for the rehabilitation of a two (2) family structure for affordable rental housing.
Entity Name: AJL Investments, LLC
Entity Address: Newark, New Jersey 07106
Sale Amount: $61,050.00
Cost Basis: ( ) PSF ( ) Negotiated ( ) N/A (X) Other: $61,050.00
Assessed Amount: $122,100.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) 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)
108 Brookdale Avenue/Block 4063.01/Lot 67/West Ward
Additional Information:
Sale Price: 50% X Other: Assessed Amount = .50 X $122,100.00 = $61,050.00.
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
108 Brookdale Avenue
4063.01
67
2,480
Total Square Footage: 2,480
Purchase Price: $61,050.00 (50% of assessed amount); 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 rehabilitati...
Click here for full text