Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate the residential properties for resale in a pilot Section 8 Homeownership Program, administered in partnership with the Newark Housing Authority.
Entity Name: Invest Newark, a New Jersey Nonprofit Corporation
Entity Address: 111 Mulberry Street, Suite LL, Newark, New Jersey 07102
Sale Amount: $3.00
Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( ) Other: X
Assessed Amount: $338,500.00
Appraised Amount: $0.00
Contract Period: Agreement to be executed within thirty (30) days of the adoption of this authorizing resolution
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)
73 1/2 Cutler Street/Block 488/Lot 59/Central Ward
24-26 Beverly Street/Block 3076/Lot 39/South Ward
92 South 10th Street/Block 1856/Lot 47/West Ward
Additional Information:
Purchase Price is $1.00 for each property.
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WHEREAS, the City of Newark (the "City") recognizes the importance of equitable access to homeownership opportunities for low and moderate income residents of the City, including low and moderate income residents employed by the City; and
WHEREAS, Invest Newark, a New Jersey Nonprofit Corporation ("Invest Newark"), 111 Mulberry Street, Suite LL, Newark, New Jersey, proposes to acquire the following properties from the City to provide such homeownership opportunities; and
WHEREAS, the City of Newark has determined that the following City owned properties (the "Properties") are not needed for public use:
ADDRESS
BLOCK
LOT
Ward
SIZE
SQ. FEET
73 1/2 Cutler Street
488...
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