Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate a three (3) family home, of which one (1) unit will become owner occupied, and of which the other two (2) units will be rented at market rate.
Entity Name: One Stop Construction LLC
Entity Address: 298 South 6th Street, Newark, New Jersey 07103
Sale Amount: $65,880.00
Cost Basis: ( X ) $15.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $156,200.00
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)
56 Seymour Avenue/Block 3000/Lot 48/ South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 4,392 X $15.00 = $65,880.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
Failed 7R2-f 080724
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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 South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
56 Seymour Avenue
3000
48
36X122 4,392
Total Square Footage: 4,392
Purchase Price: $65,880.00 ($15.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned property (the "Property") is no longer needed for public use; and
W...
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