Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Parking for adjacent businesses recently renovated
Entity Name: Samau Realty, LLC.
Entity Address: 108 Avon Avenue, Newark, New Jersey 07108
Sale Amount: $15,000.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $21,300.00
Appraised Amount: $30,000.00
Contract Period: To commence within three (3) months and be completed within six (6) 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)
110 Avon Avenue/Block 2665/Lot 57/South Ward
Additional Information:
Total Square Footage = 2,500 X $6.00 = $15,000.00
Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned property.
body
WHEREAS, the purpose of this resolution is to approve the sale and rehabilitation of the following City-owned Property located in the South Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
110 Avon Avenue South 2665 57 25X100 2,500
Total Square Footage: 2,500
Total Purchase Price: $15,000.00 ($6.00 per sq. ft); 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 applicable Redev...
Click here for full text