Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide for new construction of an affordable (40%, 60%, and 80% AMI) twenty-four (24) unit apartment building with twenty (20) parking spaces, and commercial space.
Entity Name: ODMH GP, LLC
Entity Address: 74 Dr. MLK Jr. Boulevard, Newark, New Jersey 07104
Sale Amount: $68,400.00
Cost Basis: (X) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $413,000.00
Appraised Amount: $0.00
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)
61-69 Orchard Street/Block 883/Lot 11/Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 7,600 X $9.00 = $68,400.00.
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 Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
61-69 Orchard Street
883
11
95X80 7,600
Total Square Footage: 7,600
Purchase Price: $68,400.00 ($9.00 per sq. ft.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned property (the "Property") are...
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