Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide for a new construction of senior housing with (67) affordable units at 60% AMI.
Entity Name: CO Enterprises, LLC
Entity Address: 28 Valley Road, Montclair, New Jersey 07042
Sale Amount: $185,580.00
Cost Basis: (X) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $332,300.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (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)
295 Lyons Avenue/ Block 3051/ Lot 24/South Ward
297-299 Lyons Avenue/ Block 3051/ Lot 25 and 26/South Ward
301Lyons Avenue/ Block 3051/ Lot 27/South Ward
303 Lyons Avenue/Block 3051/Lot 28/South Ward
117 Aldine Street/ Block 3051/ Lot 21/South Ward
119-121 Aldine Street/ Block 3051/ Lot 22 and 23/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 20,620 X $9.00 = $185,580.00.
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 South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
295 Lyons Avenue
3051
24
25X102 2,550
297-299 Lyons Avenue
3051
25,26
50X104.4 5,220
301 Ly...
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