Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Redevelop property as rental or for-sale housing
Entity Name: 731 Summer Avenue, LLC
Entity Address: 191 Central Avenue, Suite 221, Newark, New Jersey 07103
Sale Amount: $10,000.00
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $43,300.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) months following transfer of property 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)
731 Summer Avenue/Block 775/Lot 2/North Ward
Additional Information:
Sale Price: Total Square Footage x PSF = 2,500 X $4.00 = $10,000.00
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 to approve the sale and redevelopment of the following City-owned Property located in the North Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
731 Summer Avenue
775
2
25X100
2,500
Purchase Price: $10,000.00 ($4.00 per sf.); and
WHEREAS, the City of Newark has determined that the above referenced City-owned Property (the "Property") is 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 rehabilitation of the area and is conveying Property at such prices and upon such terms as it deems reasonable and said conveyance is made in conjunction with the applicable Redevelopment Plan, as amended; and
WHEREAS, the Municip...
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