Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To combine the property with 186-194 Thomas Street to develop a forty (40) unit apartment building.
Entity Name: JEFFDOWNING, LLC
Entity Address: 300 Wilson Avenue, Newark, New Jersey 07105
Sale Amount: $12,599.16
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $24,000.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
184 Thomas Street/Block 1164/Lot 10/East Ward
Additional Information:
Total Purchase Price: Square Footage X PSF = 2,099.86 X $6.00 = $12,599.16
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 to approve the sale and redevelopment of the following City-owned property located in the East Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
184 Thomas Street
1164
10
28.3X74.2
2,099.86
Total Purchase Price: $12,599.16 ($6.00 per sf.); and
WHEREAS, the City of Newark (the "City") 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 properties at such prices and upon such terms as it deems reasonable and said conveyance is made in conjunct...
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