Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Develop affordable and market rate, rental or for-sale homes
Entity Name: Alpha Development and Investments, LLC.
Entity Address: 972 Broad Street, Newark, New Jersey 07102
Sale Amount: $50,000.00
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $171,800.00
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)
511 S 14th Street/Block 332/Lot 16/West Ward
513 S 14th Street/Block 332/Lot 17/West Ward
515 S 14th Street/Block 332/Lot 18/West Ward
527 S 14th Street/Block 332/Lot 24/West Ward
529 S 14th Street/Block 332/Lot 25/West Ward
Additional Information:
Total Square Footage = 12,500 X $4.00 = $50,000.00
Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned Properties
body
WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned Properties located in the West Ward of the City of Newark:
ADDRESS
WARD
BLOCK
LOT
SIZE
SQ FEET
511 S 14th St
West
332
16
25X100
2500
513 S 14th St
West
332
17
25X100
2500
515 S 14th St
West
332
18
25X100
2500
527 S 14th St
West
332
24
25X100
2500
529 S 14th St
West
332
25
25X100
2500
Total Square Footage: 12,500
Total Purchase Price: $50,000.00 ($4.00 per sf.); and
WHEREAS, the City of Newark has determined that the above referenced City-owned Properties (the "Properties") are no longer need...
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