Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide Property Rehabilitation with affordable housing units.
Entity Name: Gateway Property Development, LLC
Entity Address: 411 South 14th Street, Newark, New Jersey 07103
Sale Amount: $19,500.00
Cost Basis: (X) $4.00/$6.00 PSF ( ) Negotiated ( ) N/A ( ) Other
Assessed Amount: $152,200.00
Appraised Amount: $0.00
Contract Period: To be commenced within three (3) months and be completed within twelve (12) 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)
457 South 19th Street/Block 323/Lot 34/West Ward
85 Whitney Street/Block 4003/Lot 27/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = (2,400 X $4.00 = $9,600.00) + (1,650 X $6.00 = $9,900.00) = $19,500.00
Sale at prices set forth by Ordinance 6S&Fh, adopted on 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 West Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
457 South 19th Street
323
34
24X100
2,400
85 Whitney Street
4003
27
25X66
1,650
Purchase Price: (2,400 X $4.00 per sf. = $9,600.00) + (1,650 X $6.00 per sf. = $9,900.00) = $19,500.00; 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)...
Click here for full text