Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To redevelop and new construction of a two (2) story mixed use building with three (3) ground-level commercial units, three (3) residential units and one (1) second-story office unit.
Entity Name: Cesar Espinal
Entity Address: 554 Central Avenue, Newark, New Jersey 07107
Sale Amount: $7,500.00
Cost Basis: (X ) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $120,000.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) months from the transfer of property 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 Property:
(Address/Block/Lot/Ward)
111 South 10th Street/Block 1857/Lot 63/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 1,250 X $6.00 = $7,500.00
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
111 South 10th St
1857
63
25X50
1,250
Purchase Price: $7,500.00 ($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 is proceeding with the reh...
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