Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Build four (4) one, two or three-family affordable homes.
Entity Name: New Community Corporation
Entity Address: 233 West Market Street, Newark, New Jersey 07103
Sale Amount: $40,000.00
Cost Basis: (X ) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $122,600.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) months following transfer of Properties' 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 Properties:
(Address/Block/Lot/Ward)
473 15th Avenue/Block 290/Lot 1/Central Ward
471 15th Avenue/Block 290/Lot 2/Central Ward
429 15th Avenue/Block 292/Lot 7/Central Ward
427 15th Avenue/Block 292/Lot 8/Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 10,000 X $4.00 = $40,000.00
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 Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following City-owned properties located in the Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
473 15th Avenue
471 15th Avenue
429 15th Avenue
427 15th Avenue
290
290
292
292
1
2
7
8
25X100
25X100
25X100
25X100
2500
2500
2500
2500
Purchase Price: $40,000.00 ($4.00 per sf.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced Cit...
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