Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop properties into an affordable mid-rise, multi-family residential building.
Entity Name: Springview Development Group, LLC
Entity Address: 1212 Springfield Avenue, Irvington, New Jersey 07111
Sale Amount: $258,266.00
Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $629,200.00
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)
569 Springfield Avenue/Block 2618/Lot 1/South Ward
565-567 Springfield Avenue/Block 2618/Lot 3/South Ward
563 Springfield Avenue/Block 2618/Lot 5/South Ward
559-561 Springfield Avenue/Block 2618/Lot 7/South Ward
643 South 11th Street/Block 2618/Lot 12/South Ward
645 South 11th Street/Block 2618/Lot 13/South Ward
647 South 11th Street/Block 2618/Lot 14/South Ward
649 South 11th Street/Block 2618/Lot 15/South Ward
651 South 11th Street/Block 2618/Lot 16/South Ward
653 South 11th Street/Block 2618/Lot 17/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 25,826.60 X $10.00 = $258,266.00.
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-a (s) 092722
body
WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned properties located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOTS...
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