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
Entity Name: Build Newark, LLP
Entity Address: 1107 Convery Boulevard, 2nd Floor, Perth Amboy, New Jersey 08861
Sale Amount: $44,797.60
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $187,000.00
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)
87 Seymour Avenue/Block 3001/Lot 19/South Ward
127 Seymour Avenue/Block 3024/Lot 86/South Ward
128 Seymour Avenue/Block 3019/Lot 17/South Ward
174 Seymour Avenue/Block 3020/Lot 41/South Ward
Additional Information:
Total Square Footage =11,199.4 X $4.00 = $44,797.60
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 rehabilitation of the following City-owned Properties located in the South Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
87 Seymour Avenue South 3001 19 29X111.1 3,221.9
127 Seymour Avenue South 3024 86 25X100 2,500.0
128 Seymour Avenue South 3019 17 28X110 3,080.0
174 Seymour Avenue South 3020 41 25X95.9 2,397.5
Total Square Footage: 11,199.4
Total Purchase Price: $44,797.60 ($4.00 per sf); and
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