Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct a new three-family home at 262-264 S.10th Street, for use as rental housing and rehabilitate 260 S. 10th Street into a three-family home, with one (1) unit being owner-occupied and two (2) units being offered as residential rental units.
Entity Name: Calloway Ventures, LLC
Entity Address: East Orange, New Jersey 07017
Sale Amount: $51,000.00
Cost Basis: (X) $6.00 and $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount:
$165,000.00 (Block 1797, Lot 51.03);
$27,500.00 (Block 1797, Lot 51.02) for a total combined assessment of $192,500.00
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)
260 South 10th Street/Block 1797/Lot 51.03/West Ward
262-264 South 10th Street/Block 1797/Lot 51.02/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 3,000 X $10.00 and 3500 X $6.00 = $51,000.00.
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 Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following City-owned properties located in the West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SQ. FEET
PRICE PER SQ. FT.
260 South 10th Street
1797
51.03
3,000
$10.00
262-264 South 10th Street...
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