Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate property and sell to an owner-occupant homeowner at 80% AMI or less.
Entity Name: Community Asset Preservation Corporation
Entity Address: 100 Albany Street, Suite 250, New Brunswick, New Jersey 08901
Sale Amount: $12,764.08
Cost Basis: ( X ) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $83,100.00
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)
90 Garside Street/Block 490/Lot 23/ Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 1,595.51 X $8.00 = $12,764.08.
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-g 080724
body
WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned Property located in the Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
90 Garside Street
490
23
16.1X99.1 1,595.51
Total Square Footage: 1,595.51
Purchase Price: $12,764.08 ($8.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Property") are no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City o...
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