Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To reconstruct property for owner-occupied housing.
Entity Name: Benjamin and Mary Olagadeyo
Entity Address: 590 Bergen Street, Newark, New Jersey 07108
Sale Amount: $22,680.00
Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $61,600.00
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)
592 Bergen Street/Block 2660/Lot 42/South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 2,835 X $8.00 = $22,680.00.
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 South Ward of the City of Newark:
ADDRESS BLOCK LOT SIZE SQ. FEET
592 Bergen Street 2660 42 27X105 2,835
Purchase Price: $22,680.00 ($8.00 per sf.); and
WHEREAS, the City of Newark (the "City") 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 a...
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