Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of two (2) two-family homes, with one to be sold at market rate and one to be sold at an affordable rate for residents at 80% of Area Median Income ("AMI").
Entity Name: Lincoln Park Coast Cultural District
Entity Address: 450 Washington Street, Newark, New Jersey 07102
Sale Amount: $107,000.00 minus a property cleanup credit not to exceed $7,500.00
Cost Basis: ( ) $ PSF ( X ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $255,000.00
Appraised Amount: $0.00
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)
66 Sherman Avenue/Block 2809/Lot 9/South Ward
64 Sherman Avenue/Block 2809/Lot 10/South Ward
Additional Information:
Sale Price: Negotiated Price = $107,000.00.
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
66 Sherman Avenue
64 Sherman Avenue
2809
2809
9
10
25x100 2,500
25X91 2,275
Total Square Footage: 4,775
Purchase Price: $107,000.00 (Negotiated Price); and
WHEREAS, the City of Newark (the...
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