Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Rehabilitation of six (6) unit apartment building for rent as affordable housing to low-income residents at 50% of AMI.
Entity Name: Tri-City Peoples Corporation
Entity Address: 675 So. 19th St., Newark, NJ 07103
Sale Amount: $15,000.00
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other: _____
Assessed Amount: $334,000.00
Appraised Amount: Information not provided
Contract Period: To commence within three (3) months for a period not to exceed 24 months from transfer of Title.
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
(X) Fair & Open ( ) Non-Fair & Open (X) RFP ( ) RFQ (X) Private Sale
( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward/Total Square Footage)
550-552 So. Eighteenth St./335/52/Central/3,750
Additional Information: N/A
Invitation: Director of Economic & Housing Development, September 15, 2009