Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construction of a new four-family residential home designated for households earning up to 80% of the Area Median Income (AMI)
Entity Name: 256 Chadwick LLC
Entity Address: 38 Pierce Street, Newark, New Jersey 07103
Sale Amount: $59,500.00
Cost Basis: (X) $17.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $27,500.00
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)
205 Avon Avenue / Block 2658 / Lot 29 / Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 3,500 X $17.00 = $59,500.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned property
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
SIZE SQ. FEET
205 Avon Avenue
2658
29
35X100 3,500
Total Square Footage: 3,500
Purchase Price: $59,500.00 ($17.00 per sf.); 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), the City of Newark is proceeding with the rehabilitation of the area ...
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