Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To build (2) new two-family dwellings with (4) affordable units at an income level ranging from 40-60% of the Area Median Income (AMI).
Entity Name: DJ Cool - V, LLC
Entity Address: Elizabeth, New Jersey 07201
Sale Amount: $54,472.50
Cost Basis: (X) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $57,200.00
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)
182 West Runyon Street/Block 3021/Lot 8/South Ward
283 West Runyon Street/Block 3035/Lot 35/South Ward
Additional Information:
Sale Price: Total Square Footage X Sale Price = 6052.5 X $9.00 = $54,472.50.
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-e 071024
body
WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned property located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
182 West Runyon Street
3021
8
25X100.6 2,515
283 West Runyon Street
3035
35
25X141.5 3,537.5
Total Square Footage: 6,052.5
Purchase Price: $54,472.50 ($9.00 s.f); and
WHEREAS, the city of Newark (the "City") has determined that the above referenced City-owned property (the "Property") are no lo...
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