7R2-d
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide new construction of two (2) two-family homes, one
being sold at market rate and the other at 60% of AMI or lower
Entity Name: Road to Prosperity LLC
Entity Address: 511 South Orange Avenue, Newark, New Jersey
07103
Sale Amount: $78,400.00
Cost Basis: (X) $14.00
PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $20,200.00
Appraised Amount: N/A
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)
556-558 Sandford Avenue/Block 4109/Lot 16/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 5,600 X $14.00 =
$78,400.00.
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-f 112525
A motion was made by Kelly, seconded by Gonzalez to Amend.
Amendment: To Adjust the Affordability Rate to 60% or Lower
The motion was adopted by the following votes:
8 -
Yes:
Amina Bey, Patrick O. Council, Carlos M. Gonzalez, Dupré L. Kelly, Luis
A. Quintana, Anibal Ramos Jr., Louise Scott-Rountree, and C. Lawrence
Crump
1 - Michael J. Silva
Absent:
A motion was made by Kelly, seconded by Gonzalez to Adopt as Amended.
The motion was adopted by the following votes:
8 -
Yes:
Amina Bey, Patrick O. Council, Carlos M. Gonzalez, Dupré L. Kelly, Luis
A. Quintana, Anibal Ramos Jr., Louise Scott-Rountree, and C. Lawrence
Crump
1 - Michael J. Silva
Absent: