Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construction of a new two-family dwelling to be sold at market-rate on 393 South 10th Street, and new construction of a single-family home located at 412 South 8th Street restricted to a household earning up to 80% of the Area Median Income (AMI), with preference for a veteran or an individual with disabilities
Entity Name: Burwell Enterprises LLC
Entity Address: 511 S. Orange Ave #2087, Newark, New Jersey 07103
Sale Amount: $86,590.00
Cost Basis: (X) $21.00 for 393 South 10th Street and $16.00 for 412 South 8th Street PSF () Negotiated () N/A () Other:
Assessed Amount: $60,800.00
Appraised Amount: N/A
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)
393 South 10th Street/Block 266/Lot 20/ West Ward
412 South 8th Street /Block 291/Lot 38/ Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 2,790 X $21.00 = $58,590.00 and Total Square Footage X PSF = 1,750 X $16.00 = $28,000.00
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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 and Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE SQ. FEET
393 South 10th Street
266
20
30X93 ...
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