Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of two (2) two-family homes, to be sold at an affordable rate of 50%-70% AMI.
Entity Name: Brice Holdings LLC
Entity Address: 18 Bruen Avenue, Irvington, New Jersey 07111
Sale Amount: $105,170.00
Cost Basis: (X) $13.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $62,900.00
Appraised Amount: n/a
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)
444-446 South 13th Street/Block 285/Lot 38/Central Ward
747-749 South 14th Street/Block 2634/Lot 14/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 8,090 X $13.00 = $105,170.00
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 Central Ward and South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
444-446 South 13th Street
285
38
33.4X100 3,340
747-749 South 14th Street
2634
14
50X95 4,750
Total Square Footage: 8,090
Purchase Price: $105,170.00 (13.00 per s.f.); and
WHEREAS, the City of Newark (the “City”) has determined that the above ...
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