Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construct a five (5) story residential affordable housing complex with parking.
Entity Name: The Washington Bay Group I, LLC.
Entity Address: 811 Clinton Avenue, Newark, New Jersey 07108
Sale Amount: $57,200.00
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $158,400.00
Appraised Amount: $0.00
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)
719 South 11th Street/Block 2631/Lot 5/South Ward
721 South 11th Street/Block 2631/Lot 6/South Ward
723 South 11th Street/Block 2631/Lot 53/South Ward
725 South 11th Street/Block 2631/Lot 7/South Ward
716-718 South 12th Street/Block 2631/Lot 46/South Ward
Additional Information:
Total Square Footage = 14,300 X $4.00 = $57,200.00
Sale at prices set forth by Ordinance 6S&Fh adopted on 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 construction of the following City-owned properties located in the South Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
719 South 11th Street South 2631 5 28X100 2,800
721 South 11th Street South 2631 6 28X100 2,800
723 South 11th Street South 2631 53 28X100 2,800
725 South 11th Street ...
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