Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide an office space for HCJ Construction with 3 residential units above with parking. Two (2) units will be market rate rentals and one (1) unit will be affordable at 80% AMI.
Entity Name: HCJ Construction Enterprises LLC
Entity Address: 210 7th Street, Palisades Park, New Jersey 07650
Sale Amount: $97,375.00
Cost Basis: ( X ) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $104,500.00
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)
238 Fabyan Place/Block 3084.01/Lot 5/ South Ward
234 Fabyan Place/Block 3084.01/Lot 7/ South Ward
242 Fabyan Place/Block 3084.01/Lot 3/ South Ward
240 Fabyan Place/ Block 3084.01/Lot 4/ South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 9,737.5 X $10.00 = $97,375.00.
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-k 080724
body
WHEREAS, the purpose of this resolution is 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(S)
SIZE SQ. FEET
242 Fabyan Place
3084.01
3
25X100 2,500
240 Fabyan Place
3084.01
4
25X100 2,500
23...
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