Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct a six (6) story, fifty (50) residential unit senior citizen building with eighteen (18) parking spaces.
Entity Name: Jelliff Senior Estates Urban Renewal, LLP
Entity Address: 71 Lake Avenue, Colonia, New Jersey 07067
Sale Amount: $100,881.00
Cost Basis: (X ) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $193,000.00
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)
220-224 Jelliff Avenue/Block 2681/Lot 34/South Ward
226-230 Jelliff Avenue/Block 2681/Lots 31, 32/South Ward
Additional Information:
Sale Price: Total Square Footage x PSF = (8,938.50 X $6.00 = $53,631.00) + (7,875 X $6.00 = $47,250.00) = $100,881.00
Sale at prices set forth by Ordinance 6S&Fh, adopted 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 South Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
220-224 Jelliff Avenue
2681
34
85.10X105
8,938.50
226-230 Jelliff Avenue
2681
31, 32
75X105
7,875
Purchase Price: $100,881.00 ($6.00 per sf.); and
WHEREAS, the City of Newark has determined that the above referenced City-owned Properties (the "Property") is no longer needed for public use; and
WH...
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