Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop the properties into three (3) multi-family homes.
Entity Name: Affine Group, LLC
Entity Address: 525 Route 73 North, Suite 104, Marlton, New Jersey 08053
Sale Amount: $77,335.80
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $185,800.00
Appraised Amount: $0.00
Contract Period: To commenced 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)
717 South 14th Street/Block 2621/Lot 34/South Ward
713-715 14th Street/Block 2621/Lot 35/South Ward
717-719 Springfield Avenue/Block 2640/Lot 40/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 12,889.30 X $6.00 = $77,335.80.
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 Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following City-owned properties located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE
SQ. FEET
717 South 14th Street
2621
34
27.3X85
2,320.5
713-715 14th Street
2621
35
55.6X98
5,448.8
717-719 Springfield Avenue
2640
40
64X80
5,120.0
Total Square Footage: 12,889.30
Total Purchase Price: $77,335.80 ($6.00 per sf.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Pr...
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