Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate the property in partnership with Ironbound Community Corp. and make it available for an East Ward affordable housing program.
Entity Name: Community Asset Prevention Preservation Corporation
Entity Address: 108 Church Street, 3rd Floor, New Brunswick, New Jersey 08901
Sale Amount: $3,360.00
Cost Basis: (X) $2.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $57,000.00
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)
43 Cortland Street/Block 2483/Lot 40/East Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 1,680 X $2.00 = $3,360.00.
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 East Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
43 Cortland Street
2483
40
16.8X100 1,680
Purchase Price: $3,360.00 ($2.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned Property (the "Property") are no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City ...
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