Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To redevelop the properties into a four (4) unit, three-story home and a two (2) unit, three-story home.
Entity Name:
L.A. Baxter Holdings, LLC
Entity Address: Newark, New Jersey 07102
Sale Amount: $45,708.00
Cost Basis: (X) $6.00 - $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $202,600.00
Appraised Amount: $0.00
Contract Period: To be commenced within three (3) months and be completed within eighteen (18) 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)
24-26 Wainwright Street/Block 3067/Lot 19-01/South Ward (Vacant Lot)
18 Fabyan Place/Block 3078/Lot 25/South Ward (Structure)
Additional Information:
Vacant Lot: 3,681 square feet X $6.00 = $22,086.00.
Structure: 2,952.75 square feet X $8.00 = $23,622.00.
Total Sale Price: $45,708.00.
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 purpose of this Resolution is to approve the sale and redevelopment of the following City of Newark ("City")-owned properties located in the South Ward of the City:
ADDRESS
BLOCK
LOT
SIZE
PROPERTY TYPE
24-26 Wainwright Street
3067
19-01
3681
Vacant Lot
18 Fabyan Place
3078
25
2952.75
Structure
Vacant Lot: 3681 square feet X $6.00 = $22,086.00
Structure: 2952.75 square feet X $8.00 = $23,622.00
Total Purchase Price: $45,708.00; and
WHEREAS, the City has determined that the above referenced City-owned properties (the "Properties") are no longer n...
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