Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop a twelve (12) unit passive housing apartment building.
Entity Name: Community Development Group, LLC
Entity Address: Newark, New Jersey 07107
Sale Amount: $49,806.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $127,700.00
Appraised Amount: $$0.00
Contract Period: To be commenced within three (3) months and be completed within eighteen (18) months following transfer of ownership from the City
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)
86 9th Avenue/Block 1860/Lot 6/West Ward
88 9th Avenue/Block 1860/Lot 5/West Ward
90-92 9th Avenue/Block 1860/Lot 3/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 8,301 X $6.00 = $49,806.00.
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 properties located in the West Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
86 9th Avenue West 1860 6 16.11X100 1,611
88 9th Avenue West 1860 5 16.9X100 1,690
90-92 9th Avenue West 1860 3 50X100 5,000
Total Square Footage: 8,301
Total Purchase Price: $49,806.00 ($6.00 per sf.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Properties") a...
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