Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Rehabilitate the property to create a mix of eight (8) one and two bedroom units of affordable and market rate rental housing units
Entity Name: A.T.S. Development Group, LLC.
Entity Address: 27 Austin Street, Newark, New Jersey 07114
Sale Amount: $26,215.20
Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $398,000.00
Appraised Amount: $175,000.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
449 Washington Street/Block 115/Lot 15/Central Ward
Additional Information:
Total Square Footage 3,276.9 X $8.00 = $26,215.20
Total development cost estimated at $1.5 million
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WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned property located in the Central Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
449 Washington Street Central 115 15 33 X 99.3 3,276.9
Total Purchase Price: $26,215.20 ($8.00/sq. ft.)
WHEREAS, the City of Newark has determined that the above referenced City-owned property (the "Property") is 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 redevelopment of the area and is conveying properties at such prices and upon such terms as it deems reasonable and said conveyance is made in conjunction with the applicable Redevelopment Plan, as amen...
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