Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To redevelop dilapidated properties into five (5) multi-family homes.
Entity Name: JD Restoration, LLC
Entity Address: Newark, New Jersey 07103
Sale Amount: $149,900.00
Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $390,600.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months from the transfer of ownership 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)
95-97 Shanley Avenue/Block 3005/Lot 13/South Ward
816 S 15th Street/Block 2647/Lot 37/South Ward
814 S 15th Street/Block 2647/Lot 38/ South Ward
674-676 S 18th Street/Block 357/Lot 43/South Ward
678 S 18th Street/Block 357/Lot 41/South Ward
Additional Information:
Total Square Footage = 2,375 X 6.00 + 13,565 X $10.00 = $149,900.00.
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 Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following City-owned properties located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
95-97 Shanley Ave.
3005
13
50X101
5,050.0
816 S 15th St.
2647
37
25X95
2,375.0
814 S 15th St.
2647
38
25X95
2,375.0
674-676 S 18th St.
357
43
30.7X100
3,070.0
678 S 18th St.
357
41
30.7X100
3,070.0
Total Square Footage: 15,940.0
Purchase Price: $149,900.00 ($6.00 and $10.00 per sf.); and
WHEREAS, the City of Newark (the "City") has determined...
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