Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide new construction of City-owned property into a multi-family residential home for purchase, including a parking garage for each home.
Entity Name: Knightime Enterprises, LLC
Entity Address: 110 Jabez Street, Suite 345, Newark, New Jersey 07105
Sale Amount: $39,880.00
Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $142,400.00
Appraised Amount: $0.00
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)
371 Chadwick Avenue/Block3594/Lot 47/South Ward
373 Chadwick Avenue/Block3594/Lot 48/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 4,985 X $8.00 = $39,880.00.
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 South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
371 Chadwick Avenue
3594
47
25X99.7 2,492.5
373 Chadwick Avenue
3594
48
25X99.7 2,492.5
Total Square Footage: 4,985
Purchase Price: $39,880.00 ($8.00 per sf.); and
WHEREAS, the City of Newark (the "City") has determined that the ab...
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