Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate an existing three-family structure into affordable housing for purchase.
Entity Name: Renner Redevelopment, LLC
Entity Address: 2 Center Street, Newark, New Jersey 07102
Sale Amount: $50,000.00
Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $211,000.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) 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)
238-240 Renner Avenue/Block 3666/Lot 49/South Ward
Additional Information:
Total Price: Square Footage X PSF = 5,000 X $10.00 = $50,000.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of city-owned properties.
Deferred 7R2-c 031523
body
WHEREAS, the City's Department of Economic and Housing Development seeks 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
238-240 Renner Avenue
3666
49
500X10 5,000
Total Square Footage: 5,000
Purchase Price: $50,000.00 ($10.00 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(g), the City of Newark (the "City") i...
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