Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To acquire property to develop rental housing.
Entity Name: Apolo's Flip and Sell, LLC
Entity Address: Newark, New Jersey 07103
Sale Amount: $150,000.00
Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $187,700.00
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)
645 South 18th Street/Block 351/Lot 21/West Ward
Additional Information:
Sale Price: Negotiated Price - $150,000.00.
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 Department of Economic and Housing Development seeks 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
645 South 18th Street
351
21
25X100 2,500
Negotiated Price: $150,000.00; and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned Property (the "Property") are no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City 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 app...
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