Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Develop two (2) three-family rental or for-sale homes
Entity Name: Lilac Development Group, LLC.
Entity Address: 18-20 Bloomfield Avenue, Belleville, New Jersey 07109
Sale Amount: $34,051.20
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $63,800.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) 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)
80 Montclair Avenue/Block 773/Lot 13/North Ward
143 Wakeman Avenue/Block 622/Lot 40/North Ward
Additional Information:
Total Square Footage = 8,512.8 X $4.00 = $34,051.20
Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned Properties
Both properties have been demolished and the resulting assessment is revised to $63,800.00
body
WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned Properties located in the North Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
80 Montclair Avenue North 773 13 38X155.6 5,912.8
143 Wakeman Avenue North 622 40 26X100 2,600.0
Total Square Footage: 8,512.8
Total Purchase Price: $34,051.20 ($4.00 per sf); and
WHEREAS, the City of Newark has determined that the above referenced City-owned Properties (the "Properties") are no longer neede...
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