Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop properties into three (3), two-family homes.
Entity Name: 3MB Properties, LLC
Entity Address: Newark, New Jersey 07112
Sale Amount: $93,800.00
Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $63,000.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months following transfer of properties 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)
121-123 3rd Avenue East/Block 560/Lot 34/North Ward
892 South 20th Street/Block 3015/Lot 3/South Ward
923 South 18th Street/Block 3017/Lot 12/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 9,380 X $10.00 = $93,800.00.
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-k 090822
body
WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned properties located in the North Ward and South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
121-123 3rd Avenue
892 South 20th Street
923 South 18th Street
560
3015
3017
34
3
12
33X100 3,300
40X100 4,000
25X83.2 2,080
Total Square Footage: 9,380 sq. ft.
Purchase Price: $93,800.00 ($10.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above re...
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