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Resolution17-0566

Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Approximately 115 units of mixed income housing with parking and outdoor space Entity Name: 650 Springfield Avenue Urban Renewal, LLC. Entity Address: 61 Deans Lane, Monmouth Junction, New Jersey 08852 Sale Amount: $175,012.00 Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $576,500.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within eighteen (18) months from the transfer of ownership by the City. 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) 650-656 Springfield Avenue/Block 364/Lot 21/South Ward 709 South 16th Street/Block 364/Lot 9/South Ward 711 South 16th Street/Block 364/Lot 10/South Ward 713 South 16th Street/Block 364/Lot 11/South Ward 715 South 16th Street/Block 364/Lot 12/South Ward 717 South 16th Street/Block 364/Lot 13/South Ward 708 South 17th Street/Block 364/Lot 28/South Ward 712 South 17th Street/Block 364/Lot 26/South Ward 714-716 South 17th Street/Block 364/Lot 24/South Ward 718-722 South 17th Street/Block 364/Lot 22/South Ward 724-726 South 17th Street/Block 364/Lot 29/South Ward 55 19th Avenue/Block 364/Lot 1/South Ward Additional Information: Total Square Footage = 43753 X $4.00 = $175,012.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned Properties.

Introduced Mar 31, 2017· Economic and Housing Development
Adopted
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