Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a 3-family home to rent at 80% Area Median Income.
Entity Name: Youth Mentor Coalition, YMC a NJ Non-Profit Corporation
Entity Address: 137 Renner Avenue, Newark, New Jersey 07112
Sale Amount: $25,000.00
Cost Basis: ( X ) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $16,300.00
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)
484 Jelliff Avenue/ Block 3573/ Lot 34/ South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 2,500 X $10.00 = $25,000.00.
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 of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
484 Jelliff Avenue
3573
34
25X100 2,500
Total Square Footage: 2,500
Purchase Price: $25,000.00 ($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 is proceeding with the rehabilita...
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