Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop new construction of a (29) unit affordable apartment building for seniors with a parking lot.
Entity Name: Springfield Blossom, LLC
Entity Address: 1212 Springfield Avenue, Irvington, New Jersey 07111
Sale Amount: $110,015.55
Cost Basis: (X) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $207,400.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
626-638 Springfield Avenue/ Block 363/ Lot 8.02/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 12,223.95 X $9.00 = $110,015.55.
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 South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
626-638 Springfield Avenue
363
8.02
179.5X68.1 12,223.95
Total Square Footage: 12,223.95
Purchase Price: $110,015.55 (9.00 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, pursuant to N.J.S.A. 40A:12A-8(...
Click here for full text