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 to sell at market rate on 403 South 11th Street and three (3) Single family homes to sell at market rate on 487-489 Hawthorne Avenue.
Entity Name: BDG Development LLC
Entity Address: 34 Woodland Avenue, Newark, New Jersey 07103
Sale Amount: $169,998.00
Cost Basis: ( X ) $20.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $451,800.00
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)
487-489 Hawthorne Avenue/ Block 3041/ Lot 1/ South Ward
403 South 11th Street/ Block 265/ Lot 17/ West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 8,499.9 X $20.00 = $169,998.00.
Sale 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 West and South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
487-489 Hawthorne Avenue
3041
1
53.2X107 5,692.4
403 South 11th Street
265
17
25X112.3 2,807.5
Total Square Footage: 8,499.9
Purchase Price: $169,998.00 ($20.00 per s.f.); and
WHEREAS, the City of Newark...
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