Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate the existing structures to create affordable rental or for-sale housing one (1) two (2) family home and two (2) one (1) family homes.
Entity Name: Xclusive Investments 1, LLC
Entity Address: 118 N Maple Avenue, East Orange, New Jersey 07017
Sale Amount: $64,675.00
Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $297,000.00
Appraised Amount: $0.00
Contract Period: To be commenced within three (3) months and be completed within twelve (12) months from the transfer of ownership by 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)
466 Avon Avenue/Block 2644/Lot 4/South Ward
493- Avon Avenue/Block 2639/Lot 22/South Ward
499 Avon Avenue/Block 2639/Lot 25/South Ward
Additional Information:
Sale Price (Total Square Footage X Price PSF) = 6,467.5 X $10.00 = $64,675.00
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 Department of Economic and Housing Development desires to approve the sale and redevelopment of the following City-owned properties located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
466 Avon Avenue
2644|1010|25X99.10
2,477.5
493- Avon Avenue
2639
22
20X99.5
1,990
499 Avon Avenue
2639
25
20X100
2,000
Total Square Footage: 6,467.5
Total Purchase Price: $64,675.00 ($10.00 per sf.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Properties") are ...
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