Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Develop property as a three-family rental or for-sale home
Entity Name: Lilac Development Group, LLC
Entity Address: 18-20 Bloomfield Avenue, Bloomfield, New Jersey 07109
Sale Amount: $19,777.60
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $34,200.00
Appraised Amount: $0.00
Contract Period: To be commenced within 3 months and be completed within 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)
57-59 Bryant Street/Block 764/Lot 40/North Ward
Additional Information:
Total Square Footage = 4,944.4 X $4.00 = $19,777.60
Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned property.
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WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned property located in the North Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
57-59 Bryant Street North 764 40 37.6X131.5 4,944.4
Total Purchase Price: $19,777.60 ($4.00 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 upon such terms as it deems reasonable and said conveyance is made in conjunction with the applicable ...
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