Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate the property which will be the new home of ACP, LLC and its owner/operator.
Entity Name: Angel Concepcion
Entity Address: Newark, New Jersey 07018
Sale Amount: $51,150.00
Cost Basis: (X) $15.00 PSF ( ) Negotiated ( ) N/A (X) Other:
Assessed Amount: $99,500.00
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)
138 Telford Street/Block 4203/Lot 14/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 3,410 X $15.00 = $51,150.00.
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
138 Telford Street
4203
14
34.10X100 3,410
Total Square Footage: 3,410
Purchase Price: $51,150.00); 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 are...
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