Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of two (2) three-family homes, both homes will be sold at market rate.
Entity Name: Crest Construction Acquisitions LLC
Entity Address: 251 S Ridgewood Road, South Orange, New Jersey 07079
Sale Amount: $125,000.00
Cost Basis: (X) $25.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $53,000.00
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)
439 Badger Avenue/Block 3573/Lot 15/ South Ward
423 South 15th Street/Block 319/Lot 43/ West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 5,000 X $25.00 = $125,000.00.
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 South Ward and West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
439 Badger Avenue
3573
15
25X100 2,500
423 South 15th Street
319
43
25X100 2,500
Total Square Footage: 5,000
Purchase Price: $125,000.00 (25.00 per s.f.); and
WHEREAS, the City of Newark (the “City”) has determined that the above referenced City-owned properties (the “Pro...
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