Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of three (3) three-family homes, one (1) home will be sold at an affordable rate of 30%-70% Area Median Income and two (2) homes will be sold at market rate.
Entity Name: GD & Miko Development LLC
Entity Address: 92 Speedway Avenue, Newark, New Jersey 07106
Sale Amount: $157,500.00
Cost Basis: (X) $21.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $96,300.00
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)
325-329 South 18th Street/Block 1793/Lot 18/ West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 7,500 X $21.00 = $157,500.00.
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 West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
325-329 South 18th Street
1793
18
75X100 7,500
Total Square Footage: 7,500
Purchase Price: $157,500.00 (21.00 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
WHEREAS, pursua...
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