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, one unit will be owner occupied and one (1) unit will be rented at an affordable rate of 75% AMI.
Entity Name: Ajikobi Adeyemi
Entity Address: 66 Tillinghast Street, Newark, New Jersey 07108
Sale Amount: $37,725.00
Cost Basis: (X) $15.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $31,300.00
Appraised Amount: n/a
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)
617 South 19th Street/Block 352/Lot 6/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 2,515 X $15.00 = $37,725.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
body
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
617 South 19th Street
352
6
25X100.6 2,515
Total Square Footage: 2,515
Purchase Price: $37,725.00 (15.00 per s.f.); and
WHEREAS, the City of Newark (the “City”) has determined that the above referenced City-owned properties (the “Property”) are 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 rehabi...
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