Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New Construction of one 2-family home and one 3-family home to sell at market rate
Entity Name: Miko Property Investments LLC
Entity Address: 8 Meeker Street, West Orange, New Jersey 07052
Sale Amount: $67,440.00
Cost Basis: ( X ) $12.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $56,000.00
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)
156 Alexander Street/ Block 4072/ Lot 11/ West Ward
168 South 8th Street/ Block 1811/ Lot 38/ West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 5,620 X $12.00 = $67,440.00.
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
156 Alexander Street
4072
11
28X100 2,800
168 South 8th Street
1811
38
37.6X75 2,820
Total Square Footage: 5,620
Purchase Price: $67,440.00 (12.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Prope...
Click here for full text