Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Newly construct three (3), two-family dwellings to rent at market rate
Entity Name: RK Kirlew Holdings LLC
Entity Address: 2 Gateway Center, Suite 2600, Newark, New Jersey 07102
Sale Amount: $82,500.00
Cost Basis: ( X ) $11.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $114,100.00
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)
789 South 18th Street/ Block 2638/ Lot 41/ South Ward
128-130 Goodwin Avenue/ Block 3624/Lot 36/ South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 7,500 X $11.00 = $82,500.00.
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 South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
128-130 Goodwin Avenue
3624
36
50X100 5,000
789 South 18th Street
2638
41
25X100 2,500
Total Square Footage: 7,500
Purchase Price: $82,500.00 (11.00 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 n...
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