Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide for the construction of two (2) three (3) story multi-family dwellings.
Entity Name: S.G. Global Enterprise, LLC
Entity Address: Hackensack, New Jersey 07601
Sale Amount: $63,200.00
Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A (X) Other
Assessed Amount: $43,200.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months following transfer of properties 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)
312-314 South 19th Street/Block 1793/Lot 48/West Ward
292 South 19th Street/Block 1793/Lot 59/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 7,900 X $8.00 = $63,200.00.
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 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
312-314 South 19th Street
1793
48
50X100 5,000
292 South19th Street
1793
59
29X100 2,900
Total Square Footage: 7,900
Purchase Price: $63,200.00 (8.00 S.F); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned Property (the "Property") are no l...
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