Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct three (3) two-family homes.
Entity Name: Lionheart Development, LLC
Entity Address: 211 Warren Street, Suite 518, Newark, New Jersey 07103
Sale Amount: $46,800.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $64,200.00
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)
122 South 11th Street/Block 1857/Lot 47/West Ward
84 South 13th Street/Block 1867/Lot 43/West Ward
114 South 15th Street/Block 1861/Lot 57/West Ward
Additional Information:
Total Price: Square Footage X PSF = 7800 X $6.00 = $46,800.00.
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 desires to approve the sale and redevelopment of the following City-owned property located in the West Ward of the City of Newark:
ADDRESS BLOCK LOTS SIZE SQ. FEET
122 South 11th Street 1857 47 25X100 2500
84 South 13th Street 1867 43 25X100 2500
114 South 15th Street 1861 57 28X100 2800
Purchase Price: $46,800.00 ($6.00 per sf.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Properties") are no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City...
Click here for full text