Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Rehabilitate and sell the two-family property to support first-time and workforce homebuyers for households earning 30% - 80% of AMI
Entity Name: 16 Highland Collective LLC
Entity Address: 511 South Orange Avenue, Suite:2173
Newark, New Jersey 07103-0701
Sale Amount: $43,160.00
Cost Basis: (X) $20.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $83,600.00
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)
16 Highland Avenue /Block 506/Lot 29/ North Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 2,158 X $20.00 = $43,160.00
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 North Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE SQ. FEET
16 Highland Avenue
506
29
26X83 R25.1 2,158.00
Total Square Footage: 2,158.00
Purchase Price: $43,160.00 ($20.00 per sf.); and
WHEREAS, the City of Newark (the “City”) has determined that the above referenced City-owned properties (the “Property”) are 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...
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