Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construction of a two-family, Owner-Occupied affordable home
Entity Name: Don Pedro Development Corporation
Entity Address: 75 Park Avenue, Newark, New Jersey 07104
Sale Amount: $25,000.00
Cost Basis: (X) Approximately $10.20 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $12,900.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months from the transfer of ownership by 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)
284 Broad Street/Block 448/Lot 85/Central Ward
Additional Information:
Total Square Footage = 2,450 x approximately $10.20 per sq. ft. = $25,000.00
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned Properties
Deferred 7R2-c 080818
body
WHEREAS, the purpose of this resolution is to approve the sale and rehabilitation of the following City-owned Properties located in the Central Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
284 Broad Street Central 448 85 24.5X100 2,450
Total Purchase Price: $25,000.00 (Approximately $10.20 per sf.); and
WHEREAS, the City of Newark 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 of Newark is proceeding with the redevelopment of the area and is conveying Properties at such prices and upo...
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