Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Rehabilitation of residential property to develop a family occupied bi-level one-family home
Entity Name: Jacob and Louise Sherif
Entity Address: 491 Avon Avenue, Newark, NJ 07108
Sale Amount: $47,500.00
Cost Basis: (X) $23.75 X 2,000 PSF ( ) Negotiated ( ) N/A ( ) Other: ______
Assessed Amount: $101,600.00 / Land $30,000.00 and Building $71,600.00
Appraised Amount: Information not provided
Contract Period: Must be commenced within 3 months and be completed within 24 months from the transfer of ownership by the City.
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) Non-Fair & Open (X) RFP ( ) RFQ ( ) Private Sale
( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
499 Avon Avenue/2639/25/South Ward
Additional Information:
Adopted Resolution 7RDO (A.S) 061505, "area in need of rehabilitation"
Adopted Ordinance 6PhS&FD (S) 081705, "South Ward Redevelopment Plan"
Invitation: Director of Economic & Housing Development, September 15, 2009