Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide for the new construction of a six (6) unit affordable housing building.
Entity Name: New Africa Development, LLC
Entity Address: 687 Springfield Avenue, Newark, New Jersey 07103
Sale Amount: $26,244.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $33,500.00
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)
21-23 Blum Street/Block 307.01/Lot 26.01/Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 4,374 X $6.00 = $26,244.00.
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 purpose of this Resolution is to approve the sale and redevelopment of the following City-owned property (the "Property") located in the Central Ward of the City of Newark (the "City")
ADDRESS
WARD
BLOCK
LOT
SQ. FEET
21-23 Blum Street
Central
307.01
26.01
4,374
Total Square Footage: 4,374
Total Purchase Price: $26,244.00 ($6.00 per sf); and
WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., as amended and supplemented (the "Act"), authorizes municipalities to participate in the redevelopment and improvement of areas that are in need of redevelopment or rehabilitation; and
WHEREAS, in order to stimulate the reinvigoration of the C...
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