Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New Construction of a 3-family home for rent, two (2) affordable units and one (1) at market rate.
Entity Name: Legacy Builders. The Future LLC
Entity Address: 132 Verona Avenue, Newark, New Jersey 07104
Sale Amount: $30,380.35
Cost Basis: (X) $13.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $15,600.00
Appraised Amount: N/A
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)
106 Watson Avenue/ Block 3573/ Lot 6/ South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 2,336.95 X $13.00 = $30,380.35.
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
106 Watson Avenue
3573
6
25.33X92.26 2,336.95
Total Square Footage: 2,336.95
Purchase Price: $30,380.35 ($13.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned property (the "Property") is no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), t...
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