Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Rehabilitate property as rental or for-sale housing.
Entity Name: Ikenga Group, LLC
Entity Address: 656-658 S. 14th Street, Newark, New Jersey 07103
Sale Amount: $10,000.00
Cost Basis: (X) $ 4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $160,300.00
Appraised Amount: $0.00
Contract Period: To be commenced within 3 months and be completed within 12 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)
113 S. 12th Street/Block 1859/Lot 19/West Ward
Additional Information:
Total Square Footage = 2,500. X $4.00 = $10,000.00
Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned property.
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WHEREAS, the purpose of this resolution is to approve the sale and rehabilitation of the following City-owned Property located in the West Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
113 S. 12th Street West 1859 19 25X100 2,500.
Total Purchase Price: $10,000.00 ($4.00 per sf); and
WHEREAS, the City of Newark 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 the area and is conveying property at such prices and upon such terms as it deems reasonable and said conveyance is made in conjunction with the applicable Redevelopment Plan, as amended; and
WHEREAS, the Municipal Council previously ado...
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