Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop property into a forty (40) unit, multi-family affordable residential building.
Entity Name: Southside View, LLC
Entity Address: 1212 Springfield Avenue, Irvington, New Jersey, 07111
Sale Amount: $167,601.40
Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $359,800.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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)
654 South 11th Street/Block 2617/Lot 75/South Ward
656 South 11th Street/Block 2617/Lot 74/South Ward
658 South 11th Street/Block 2617/Lot 73/South Ward
660 South 11th Street/Block 2617/Lot 72/South Ward
662 South 11th Street/Block 2617/Lot(s) 71, 87/South Ward
664 South 11th Street/Block 2617/Lot(s) 69, 70/South Ward
666 South 11th Street/Block 2617/Lot 86/South Ward
668 South 11th Street/Block 2617/Lot 85/South Ward
South 11th Street/Block 2617/Lot 88/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 16,760.14 X $10.00 = $167,601.40.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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WHEREAS, the Department of Economic and Housing Development seeks 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(S)
SIZE SQ. FEET ...
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