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, both homes will be rented at an affordable rate of 60%-80% AMI
Entity Name: DW2 Construction LLC
Entity Address: 349 Avon Avenue, Newark, New Jersey, 07108
Sale Amount: $72,862.50
Cost Basis: (X) $15.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $51,400.00
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 Properties:
(Address/Block/Lot/Ward)
68 Kent Street/Block 2615/Lot 32/South Ward
70 Kent Street/Block 2615/Lot 33/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 4,857.50 X $15.00 = $72,862.50.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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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
68 Kent Street
2615
32
25X97.3 2,432.5
70 Kent Street
2615
33
25X97 2,425
Total Square Footage: 4,857.50
Purchase Price: $72,862.50 (15.00 per s.f.); and
WHEREAS, the City of Newark (the “City”) has determined that the above referenced City-owned properties (the “Properties”) are no longer needed for public use; and
WHEREAS, pursuant to N.J....
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