Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Rehabilitate by owner of the attached property to create affordable rental or for-sale housing
Entity Name: Stonerock Builders, LLC.
Entity Address: 5 Rena Lane, Lakewood, New Jersey 08701
Sale Amount: $20,880.00
Cost Basis: (X) $12.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $51,500.00
Appraised Amount: $0.00
Contract Period: To be commenced 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)
311/2 S 12th Street/Block 1867/Lot 63/West Ward
Additional Information:
Total Square Footage = 1,740 X $12.00 = $20,880.00
Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned Property
Deferred 7R2-i 030718
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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 West Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
311/2 S 12th Street West 1867 63 17.4X100 1,740
Total Purchase Price: $20,880.00 ($12.00 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 ...
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