Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a 16- unit apartment building for individuals whose income is at 40-80% AMI with a commercial space.
Entity Name: MB Development & Management LLP
Entity Address: 17 Academy Street, Suite 301, Newark, New Jersey 07102
Sale Amount: $50,000.00
Cost Basis: ( X ) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $85,000.00
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)
509 Avon Avenue/Block 2640/ Lot 29/ South Ward
511 Avon Avenue/Block 2640/ Lot 30/ South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 5,000 X $10.00 = $50,000.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties
Deferred 7R2-c 120424
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
509 Avon Avenue
2640
29
25X100 2,500
511 Avon Avenue
2640
30
25X100 2,500
Total Square Footage: 5,000
Purchase Price: $50,000.00 ($10.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the abov...
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