Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate the existing structures and construct two (2) two (2) family residential homes on the vacant lot to create affordable rental or For-Sale housing.
Entity Name: Columbia Ave Transitions, LLC
Entity Address: 769 South 20th Street, Newark, New Jersey 07103
Sale Amount: $85,100.00
Cost Basis: (X) $6.00 - $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $224,400.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months following transfer of property ownership from the City to the Redeveloper
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)
77-79 Columbia Avenue/Block 4034/Lots 53, 54/West Ward
154 Columbia Avenue/Block 4032/Lot 42/West Ward
69 Sunset Avenue/Block 4061/Lot 111/West Ward
Additional Information:
Vacant Land (77-79 Columbia Ave) = 5,000 square feet X $6.00 = $30,000.00
Structures = 5,510 square feet X $10.00 = $55,100.00
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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WHEREAS, the Department of Economic and Housing Development seeks 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
77-79 Columbia Avenue 4034 53, 54 50X100 5,000.
154 Columbia Avenue 4032 42 33.4X100 3,340.
69 Sunset Avenue 4061 111 21.7X100 2,170.
Total Square Footage of Vacant Land: 5,000
Purchase Price of Vacant Land: $30,000.00 ($6.00 per sf.)
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