Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Rehabilitate properties as rental or for-sale housing (with or without additional retail use)
Entity Name: Shanley Ave Group, LLC.
Entity Address: 79-81 Shanley Avenue, Newark, New Jersey 07108
Sale Amount: $60,027.52
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $390,400.00
Appraised Amount: $0.00
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)
735 S 15th Street/Block 2635/Lot 9/South Ward
293-299 Madison Avenue/Block 2648/Lot 23/South Ward
8511/2 S 16th Street/Block 3012/Lot 9/South Ward
Additional Information:
Total Square Footage = 15,006.88 X $4.00 = $60,027.52
Sale at prices set forth by Ordinance 6S&Fh, adopted 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 rehabilitation of the following City-owned Properties located in the South Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
735 S 15th Street South 2635 9 25X100 2,500.
293-299 Madison Avenue South 2648 23 100X116.4 11,640.
8511/2 S 16th Street South 3012 9 16.8X51.6 866.88
Total Square Footage: 15,006.88
Total Purchase Price: $60,027.52 ($4.00 per sq. ft.); 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
WH...
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