Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Redevelopment on contiguous land consisting of approximately 105 residential units with ground floor retail space and a community dog park on the neighboring lot.
Entity Name: Gomes and Gomes Development, LLC
Entity Address: 91 Kossuth Street, Newark, New Jersey 07105
Sale Amount: $87,187.32
Cost Basis: ( X ) $10.00-$28.00 PSF ( x ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $306,100.00
Appraised Amount: N/A
Contract Period: Construction to commence within fourteen (14) months of receipt of construction permits and be completed within 24 months from commencement of construction
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)
254 Orange Street/Block 2853/Lot 32/Central Ward
253-257 Orange Street/Block/2862/Lot 20/Central Ward
Additional Information:
Total Sale Price: Square Footage x PSF
254 Orange Street: 2,294.19 x $28.00 = $64,237.32
253-257 Orange Street: 2,295 x $10.00 = $22,950.00
Sale at prices set forth by Ordinance 6S&Fh, adopted 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 properties located in the Central Ward of the City of Newark (the "City"):
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
254 Orange St.
2853
32
29X79.11
2,294.19
253-257 Orange St.
2862
20
75X30.6
2,295.
254 Orange St.: Total Sq. Feet 2,294.19 X $28.00 per sf = $64,237.32
253-257 Orange St.: Total Sq. Feet 2,295. X $10.00 per sf = $22,950.00
Total Sale Price: $87,187.32; and
WH...
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