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 a mixed-used twenty-four (24) unit apartment building with a parking lot and commercial space, units will be affordable housing ranging from 30% -120% AMI.
Entity Name: 605 Sanford Avenue, LLC
Entity Address: Newark, New Jersey 07105
Sale Amount: $45,000.00
Cost Basis: (X) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $877,300.00
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)
603-605 Sandford Avenue/Block 4123/Lot 7, 8, 9, and 10/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 5,000 X $9.00 = $45,000.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
body
WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned property located in the West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
603-605 Sandford Avenue
4123
7,8,9,10
50X100 5,000
Total Square Footage: 5,000
Purchase Price: $45,000.00 ($9.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned property (the "Property") is no longer ne...
Click here for full text