Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct two (2) new two-family homes.
Entity Name: Benefits Properties, LLC
Entity Address: Newark, New Jersey 07103
Sale Amount: $37,260.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $106,300.00
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)
123 Schley Street/Block 3084/Lot 69/South Ward
924 Hunterdon Street/Block 3583/Lot 9/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 6,210 X $6.00 = $37,260.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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WHEREAS, the Department of Economic and Housing Development seeks 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
123 Schley Street
3084
69
30.2X100 3,020
924 Hunterdon Street
3583|10 10|31.9X100 3,190
Total Square Footage: 6,210
Purchase Price: $37,260.00 ($6.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned Property (the "Property") are no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:1...
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