Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a three-family home to be sold at market rate.
Entity Name: Benefits Properties LLC
Entity Address: 627 South 19th Street, Newark, New Jersey 07103
Sale Amount: $84,000.00
Cost Basis: (X) $21.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $54,000.00
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)
360-362 6th Avenue/Block 1922/Lot 71/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 4,000 X $21.00 = $84,000.00.
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 West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
360-362 6th Avenue
1922
71
40X100 4,000
Total Square Footage: 4,000
Purchase Price: $84,000.00 ($21.00 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 rehabilitation of the area and is conveying...
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