Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Rehabilitate the properties as rental or for-sale housing.
Entity Name: Gateway Property Development, LLC.
Entity Address: 67 Chelsea Avenue, Newark, New Jersey 07106
Sale Amount: $20,000.00
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $335,700.00
Appraised Amount: N/A
Contract Period: To be commenced within three (3) months and be completed within twelve (12) 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)
411 So. 14th Street/Block 318/Lot 11/West Ward
434 So. 19th Street/Block 322/Lot 54/West Ward
Additional Information:
Total Square Footage = 5,000. X $4.00 = $20,000.00
Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004 establishing the minimum sale price of City-owned property
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WHEREAS, the purpose of this resolution is to approve the sale and rehabilitation of the following City-owned Properties located in the West Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
411 S 14th Street West 318 11 25X100 2,500.
434 S 19th Street West 322 54 25X100 2,500.
Total Square Footage: 5,000
Total Purchase Price: $20,000.00 ($4.00 per sf); and
WHEREAS, the City of Newark has determined that the above referenced City-owned Properties (the "Properties") 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 the rehabilitation of the area and is conveying properties at...
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