Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a four-story building, consisting of 13 residential units of which one unit will be rented at an affordable rate below 80% AMI.
Entity Name: IBN Construction Corporation
Entity Address: 49 Hermon Street, Newark, New Jersey 07105
Sale Amount: $102,603.00
Cost Basis: (X) $23.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $88,400.00
Appraised Amount: n/a
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)
48-52 Pennsylvania Avenue/Block 2821/Lot 8/East Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 4,461 X $23.00 = $102,603.00.
Sale at 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 East Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
48-52 Pennsylvania Avenue
2821
8
4,461SF 4,461
Total Square Footage: 4,461
Purchase Price: $102,603.00 (23.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Property") are no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City of Newark is proceeding with t...
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