Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate the existing dilapidated structures to create for sale housing.
Entity Name: Inner City Development Group, LLC
Entity Address: 216 Goldsmith Avenue, Newark, New Jersey 07112
Sale Amount: $55,080.00
Cost Basis: (X) $5.00 / $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $199,700.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) months following transfer of Property ownership 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)
146-148 Fabyan Place /Block 3083/Lot 19/South Ward
150-152 Fabyan Place /Block 3083/Lot 20/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = (5,000 X $5.00 = $25,000.00) + (3,760 X $8.00 = $30,080.00) = $55,080.00
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 desires to approve the sale and redevelopment of the following City-owned properties located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT
SIZE
SQ. FT
PRICE/SQ FT
SALE
146-148 Fabyan Place
3083
19
50X100
5,000
$5.00
$25,000
150-152 Fabyan Place
3083
20
37.6X100
3,760
$8.00
$30,080
Purchase Price: $55,080.00 ($5.00/$8.00 per sf.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Properties") is no longer needed for...
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