Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a two-family home to sell at market rate
Entity Name: Mingo Investments LLC
Entity Address: 155 North Maple Avenue, East Orange, New Jersey 07017
Sale Amount: $32,500.00
Cost Basis: ( X ) $13.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $16,300.00
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 Property:
(Address/Block/Lot/Ward)
101 Alexander Street/ Block 4059/ Lot 7/ West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 2,500 X $13.00 = $32,500.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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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
101 Alexander Street
4059
7
25X100 2,500
Total Square Footage: 2,500
Purchase Price: $32,500.00 ($13.00 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 needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City of Newark is proceeding with the rehabilitation of ...
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