Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Develop a 4-story market rate apartment building.
Entity Name: Newark Burnet, LLC
Entity Address: 128 Main Avenue, Passaic, New Jersey 07055
Sale Amount: $37,103.52
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $194,600.00
Appraised Amount: $160,000.00
Contract Period: To be commenced within 3 months and be completed within 24 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 Properties:
(Address/Block/Lot/Ward)
46 Burnet Street/Block 44/Lot 40/Central Ward
481/2 Burnet Street/Block 44/Lot 42/Central Ward
48 Burnet Street/Block 44/Lot 43/Central Ward
44 Burnet Street/Block 44/Lot 44/Central Ward
42 Burnet Street/Block 44/Lot 45/Central Ward
Additional Information:
Total Square Footage = 9,275.88 x $4.00 = $37,103.52
Sale Price as set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned property.
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WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned properties located in the Central Ward of the City of Newark:
ADDRESS BLOCK LOT WARD SIZE SQ. FEET
46 Burnet Street 44 40 Central 19x100 1,900.00
481/2 Burnet Street 44 42 Central 18.6X100.8 1,874.88
48 Burnet Street 44 43 Central 18.6X100 1,860.00
44 Burnet Street 44 44 Central 18.11X100 1,811.00
42 Burnet Street 44 45 Central 18.3X100 1,830.0...
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