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File #: 19-0906    Version: 1 Name: Faro Development-Gateway Apts.
Type: Resolution Status: Adopted
File created: 5/23/2019 In control: Economic and Housing Development
On agenda: 8/7/2019 Final action: 8/7/2019
Title: Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop a four-story, approximately twenty-four (24) unit apartment building with parking. Entity Name: Faro Development, LLC Entity Address: Five Greentree Centre, Suite 104, 525 Route 73 North, Suite 104, Marlton, New Jersey 08053 Sale Amount: $88,158.07 Cost Basis: (X) $7.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $175,200.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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) 64 ...
Sponsors: LaMonica R. McIver, Mildred C. Crump
Attachments: 1. 19-0906 certified resolution.pdf
Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop a four-story, approximately twenty-four (24) unit apartment building with parking.
Entity Name: Faro Development, LLC
Entity Address: Five Greentree Centre, Suite 104, 525 Route 73 North, Suite 104, Marlton, New Jersey 08053
Sale Amount: $88,158.07
Cost Basis: (X) $7.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $175,200.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
64 14th Avenue/Block 246/Lot 5/Central Ward
295-297 Morris Avenue/Block 246/Lot 7/Central Ward
299 Morris Avenue/Block 246/Lot 8/Central Ward
301 Morris Avenue/Block 246/Lot 9/Central Ward
303 Morris Avenue/Block 246/Lot 10/Central Ward
Additional Information:
Total Sale Price: Total Square Footage x PSF = 12,594.01 X $7.00 = $88,158.07
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 Central Ward of the City of Newark:

ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
64 14th Avenue
246
5
33.4X69
2,304.6
295-297 Morris Avenue
246
7
31.11X66.8
2,078.15
299 Morris Avenue
246
8
31.11X66.9
2,081.26
301 Morris Avenue
246
9
36.3X100
3,630.
303 Morris Avenue
246
10
25X100
2,500.

Total Square Footage: 12,594.01
Purchase Price: $88,158.07 ($7.00...

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