Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop properties into multi-family homes.
Entity Name: Maureen Poncelet-Delsole Real Estate Corporation
Entity Address: Paterson, New Jersey 07501
Sale Amount: $62,385.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $121,300.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) 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)
478 South 10th Street/Block 289/Lot 41/Central Ward
558-562 South 11th Street/Block 308/Lot 32/Central Ward
179 North 9th Street/Block 1937/Lot 60/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 10,397.50 X $6.00 = $62,385.00.
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-owned properties located in the Central Ward and West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
478 South 10th Street
289
41
24.9X100 2,490.00
558-562 South 11th Street
179 North 9th Street
308
1937
32
60
75X62.10 4,657.50
25X130 3,250.00
Total Square Footage: 10,397.50
Purchase Price: $62,385.00 ($6.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the ...
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