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 modular units of artist housing.
Entity Name: Lincoln Park/Coast Cultural District, Inc.
Entity Address: Newark, New Jersey 07102
Sale Amount: $148,668.60
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A () Other:
Assessed Amount: $404,500.00
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)
26 Thomas Street/Block 2821/Lot 6/East Ward
54 Pennsylvania Avenue/Block 2821/Lot 11/East Ward
68 Sherman Avenue/Block 2809/Lot 8/South Ward
11-15 Emmet Street/Block 2804/Lot (s) 15, 16, 17/South Ward
26 Parkhurst Street/Block 2821/Lot 18/East Ward
28 Parkhurst Street/Block 2821/Lot 17/East Ward
34-36 Parkhurst Street/Block 2821/Lot 13/East Ward
1109 Broad Street/Block 2822/Lot 34/East Ward
Additional Information:
Total Price: Square Footage X PSF = 24,778.10 X $6.000 = $148,668.60.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
Deferred 7R2-a (s) 081622
body
WHEREAS, the Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following City-owned properties located in the East Ward and South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
26 Thomas Street
2821
6
31.3X78.6 ...
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