Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop one (1) two-family home and two (2) three-family homes for purchase.
Entity Name: Jarid Jamar Construction Company, Inc.
Entity Address: West Orange, New Jersey 07052
Sale Amount: $62,640.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $97,500.00
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)
147 South 10th Street/Block 1826/Lot 20/West Ward
149-151 South 10th Street/Block 1826/Lot 22/West Ward
163-165 South 10th Street/Block 1826/Lot 29/West Ward
Additional Information:
Total Price: Square Footage X PSF = 10,440 X $6.00 = $62,640.00.
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 purpose of this Resolution is to approve the sale and redevelopment of the following City-owned properties located in the West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
147 South 10th Street
1826
20
33.4 X 100 3,340
149-151 South 10th Street
1826
22
33.4 X 100 3,340
163-165 South 10th Street
1826
29
37.6 X 100 3,760
Total Square Footage: 10,440
Purchase Price: $62,640.00 ($6.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above refe...
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