Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop the properties into a one-family home.
Entity Name: 385-391 Parker Street Development, LLC
Entity Address: Newark, New Jersey 07107
Sale Amount: $120,000.00
Cost Basis: (X) $12.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $135,000.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months following transfer of the 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)
385-387 Parker Street/Block 607/Lot 49/North Ward
389-391 Parker Street/Block 607/Lot 51/North Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 10,000 X $12.00 = $120,000.00.
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 North Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
385-387 Parker Street 389-391 Parker Street
607
607
49
51
50X100 5,000
50X100 5,000
Total Square Footage: 10,000 sq. ft.
Purchase Price: $120,000.00 ($12.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Properties") are no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A...
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