Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a mixed use 24 unit affordable apartment building with a rooftop terrace and retail space
Entity Name: E. Gill Development II LLC
Entity Address: 2 Center Street #2104, Newark, New Jersey 07102
Sale Amount: $189,180.00
Cost Basis: (X) $18.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $127,900.00
Appraised Amount: N/A
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
652-654 South 18th Street/ Block 350/ Lot 35/ West Ward
656 South 18th Street/ Block 350/ Lot 33/ West Ward
658 South 18th Street/ Block 350/ Lot 32/ West Ward
660 South 18th Street/ Block 350/ Lot 31/ West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 10,510 X $18.00 = $189,180.00.
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
652-654 South 18th Street
350
35
2,800 28X100
656 South 18th Street
350
33
2,800 28X100
658 South 18th Street
350
32
2,000 ...
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