Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Develop the properties into one (1), two (2), or three (3)-family residential units, with or without additional retail use
Entity Name: Option One Redevelopment Group, LLC.
Entity Address: 456 Washington Street, Newark, New Jersey 07102
Sale Amount: $94,800.00
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $208,200.00
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)
648 South 13th Street/Block 316/Lot 31/South Ward
646 South 13th Street/Block 316/Lot 32/South Ward
644 South 13th Street/Block 316/Lot 33/South Ward
777 South 13th Street/Block 2648/Lot 5/South Ward
147 Johnson Avenue/Block 2700/Lot 6/South Ward
155 Ridgewood Avenue/Block 2703/Lot 1/South Ward
159 Ridgewood Avenue/Block 2703/Lot 3/South Ward
161 Ridgewood Avenue/Block 2703/Lot 4/South Ward
439 Badger Avenue/Block 3573/Lot 15/South Ward
Additional Information:
Total Square Footage = 23,700 X $4.00 = $94,800.00
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 redevelopment of the following City-owned Properties located in the South Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
648 South 13th Street South 316 31 25X100 2,500
646 South 13th Street South ...
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