Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Rehabilitate vacant lot to create a side-yard for the adjacent owner occupied home.
Entity Name: Fernando Sousa
Entity Address: 5 Saint Charles Street, Newark, New Jersey 07105
Sale Amount: $8,350.00
Cost Basis: (X) $5.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $17,000.00
Appraised Amount: $20,000.00
Contract Period: To commence 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)
365-369 Ferry Street/Block 2049/Lot 1/East Ward
Additional Information:
Total Square Footage = 1670 X $5.00 = $8,350.00
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 Property located in the East Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SQ. FEET
365-369 Ferry Street East 2049 1 1670
Total Purchase Price: $8,350.00 ($5.00 per sf); and
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 rehabilitation 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 applicab...
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