Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop a thirty-two (32) unit residential apartment building as affordable and market rate rental units with garage parking and ground-level retail.
Entity Name: Tactical Development Group, LLC
Entity Address: 33-35 Freeman Street, Unit D1, Newark, New Jersey 07105
Sale Amount: $46,040.00
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $310,500.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
256-262 Lyons Avenue/Block 3715/Lot 9 and 10/South Ward
Additional Information:
Sale Price: Total Square Footage x PSF = 11,510 X $4.00 = $46,040.00
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 property located in the South Ward of the City of Newark:
ADDRESS BLOCK LOT SIZE SQ. FEET
256-262 Lyons Avenue 3715 9/10 115.1X100 11,510
Purchase Price: $46,040.00 ($4.00 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 is proceeding with the rehabilitation o...
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