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Resolution23-1798

Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide new construction of a mixed-use, mixed-income building with commercial space on the first floor and approximately (18) residential units on the upper floors. Entity Name: 508 Springfield Avenue, LLC Entity Address: 59 Lincoln Park, Suite 375, Newark, New Jersey 07102 Sale Amount: $72,852.00 Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Total Assessed Amount: $264,000.00 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 Properties: (Address/Block/Lot/Ward) 516 Springfield Avenue/Block 307/Lot 6/ Central Ward 514 Springfield Avenue/Block 307/Lot 7/Central Ward 512 Springfield Avenue/Block 307/Lot 8/Central Ward 510 Springfield Avenue/Block 307/Lot 9/Central Ward 508 Springfield Avenue/Block 307/Lot 10/Central Ward Additional Information: Sale Price: Total Square Footage X PSF = 12,142 X $6.00 = $72,852.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.

Introduced Nov 9, 2023· Economic and Housing Development
Adopted
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