Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate the existing structure and construct two (2) two (2) family homes on the vacant land to create affordable rental or for-sale housing.
Entity Name: A Brick At A Time, LLC
Entity Address: 490 East Kennedy Boulevard, Lakewood, New Jersey 08701-0870
Sale Amount: $90,160.00
Cost Basis: (X) $6.00 - $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $138,600.00
Appraised Amount: $0.00
Contract Period: To be commenced within three (3) months and be completed within eighteen (18) months following the 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)
174 Scheerer Avenue/Block 3665/Lot 41/South Ward
171-173 Shephard Avenue/Block 3665/Lot 72/South Ward
421-423 Clinton Place/Block 3717/Lot 51/South Ward
Additional Information:
Vacant Land = 7,260 square feet X $6.00 = $43,560.00
Structure = 4,660 square feet X $10.00 = $46,600.00
Total Sale Price: $90,160.00
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 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 SQ. FEET VACANT LAND
174 Scheerer Ave 3665 41 3,500 YES
171-173 Shephard Ave 3665 72 3,760 YES
421-423 Clinton Place 3717 51 4,660 NO
Total Square Footage of Vacant Land: 7,260
Purchase Price of Vacant Land: $43,560.00 ($6.00 per sf.)
Total ...
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