Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide for new construction of three (3) two-family homes for sale.
Entity Name: Washington Bay Group 1, LLC
Entity Address: Newark, New Jersey 07108
Sale Amount: $50,400.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $93,200.00
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)
699 South 11th Street/Block 2618/Lot 36/South Ward
701 South 11th Street/Block 2618/Lot 37/South Ward
697 South 11th Street/Block 2618/Lot 73/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 8,400 X $6.00 = $50,400.00.
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-d 030624
Deferred 7R2-b 032024
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WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned property (the "Property") located in the South Ward of the City of Newark (the "City"):
ADDRESS
WARD
BLOCK
LOT
SQ. FEET
699 South 11th Street
South
2618
36
2,800
701 South 11th Street
South
2618
37
2,800
697 South 11th Street
South
2618
73
2,800
Total Square Footage: 8,400
Total Purchase Price: $50,400.00 ($6.00 per s.f.); and
WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., as amended and supplemented (the "Act"), authorizes m...
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