Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate property to create an affordable two (2) family house as rental or for-sale housing.
Entity Name: East-West Home Rehab, LLC
Entity Address: 324 Scotland Road, South Orange, New Jersey 07079-0707
Sale Amount: $15,040.00
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $145,900.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) months following 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)
182-184 Brookdale Avenue/Block 4075/Lot 11/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 3,760 X $4.00 = $15,040.00
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
body
WHEREAS, the Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following City-owned property located in the West Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
182-184 Brookdale Avenue
4075
11
37.6X100
3,760
Purchase Price: $15,040.00 ($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 of the area and is conveying Property at such prices and upon such terms as it deems reasonable and said conveyance is m...
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