Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To build two (2) 2-family homes for sale.
Entity Name: Stone West Development, LLC
Entity Address: 41-51 Wilson Avenue, Suite C2A, Newark, New Jersey 07105
Sale Amount: $32,959.56
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $67,200.00
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)
412 South 11th Street/Block 266/Lot 22/West Ward
410 South 11th Street/Block 266/Lot 23/West Ward
Additional Information:
Sale Price: Total Square Footage x PSF = (2,859.08 X $6.00 = $17,154.48) + (2,634.18 X $6.00 = $15,805.08) = $32,959.56
Sale at prices set forth by Ordinance 6S&Fh, adopted April 7, 2004, establishing the minimum sale price of City-owned properties.
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WHEREAS, the purpose of this Resolution to approve the sale and redevelopment of the following city-owned properties located in the West Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
412 South 11th Street
266
22
28X102.11
2,859.08
410 South 11th Street
266
23
25.8X102.10
2,634.18
Purchase Price: $32,959.56 ($6.00 per sf.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned Properties (the "Properties") are 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 rehabili...
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