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Resolution12-2409

Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To authorize the private sale and redevelopment of six properties located at Block 2556, Lots 1, 61 & 62 and Block 2563, Lots 1, 75 & 76 Entity Name: Old Third Ward Redevelopment, LLC Entity Address: 3 East Stow Road, Marlton, New Jersey 08053 Sale Amount: $ 3,712,000.00 Cost Basis: ( ) $ 2.00 PSF (X ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $ 14,639,200.00 Appraised Amount: N/A Contract Period: Within eighteen (18) months of the commencement of both Phase I and II 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) 1-55 Somerset Street /Block 2556/ Lot 1/Central Ward 136-146 Spruce Street /Block 2556/ Lot 61/Central Ward 28-82 Barclay Street /Block 2556/ Lot 62/Central Ward 84-140 Barclay Street /Block 2563/ Lot 1/Central Ward 135-145 Spruce Street /Block 2563/ Lot 75/Central Ward 57-117.5 Somerset Street /Block 2563/ Lot 76/Central Ward Additional Information: The Redevelopment Project will consist of a total of one hundred sixteen (110) units of deed restricted rental housing and two (2) parks with a size equal to or greater than the square footage of the existing parks on the property.

Introduced Dec 20, 2012· Economic and Housing Development
Filed
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