Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate the existing two-unit property: one (1) unit will be owner occupied, and one (1) unit will be rented to an income qualified household at 40% AMI
Entity Name: Newark King Realty LLC
Entity Address: 557 Clinton Avenue, Newark, New Jersey 07108
Sale Amount: $98,430.00
Cost Basis: (X) $17.00 PSF ( ) Negotiated ( ) N/A ( ) Other
Assessed Amount: $164,000.00
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)
26-28 Hedden Terrace / Block 3024 / Lot 23 / South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 5,790 X $17.00 = $98,430.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned property
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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
SIZE SQ. FEET
26-28 Hedden Terrace
3024
23
50X115.8 5,790
Total Square Footage: 5,790
Purchase Price: $98,430.00 (17.00 per sf.); 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 is proceeding wi...
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