Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate the properties into a one (1) two-family home and one (1) three-family home as affordable rental housing.
Entity Name: RNG Industries, LLC
Entity Address: Franklin Lakes, New Jersey 07417
Sale Amount: $36,042.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $72,100.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twelve (12) 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)
508 15th Avenue/Block 284/Lot 1/Central Ward
440 South 7th Street/Block 301/Lot 71/Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 6,007 X $6.00 = $36,042.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
Deferred 7R2-b 031622
Deferred 7R2-a 040622
Deferred 7R2-a 042022
Deferred 7R2-a 050422
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WHEREAS, the Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following city-owned properties located in the Central Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
508 15th Avenue
284
1
33.4X105 3,507
440 South 7th Street
301
71
25X100 2,500
Purchase Price: $36,042.00 ($6.00 per sq. ft.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced ...
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