Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop a two (2) family house for sale.
Entity Name: S.G. Global Enterprise, LLC
Entity Address: 333 Passaic Street, Suite 9A, Hackensack, New Jersey 07601
Sale Amount: $15,000.00
Cost Basis: (X ) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $21,300.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months following transfer of property ownership by the City
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)
291 South18th Street/Block 1793/Lot 1/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 2,500 X $6.00 = $15,000.00
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 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
SIZE
SQ. FEET
291 South 18th Street
1793|1010|25X100
2,500
Purchase Price: $15,000.00 ($6.00 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 is proceeding with the rehabilitation of the area and is conveying properties at such prices and upon such terms as it deems reasonable, and said conveyance is made in conjunction with the applicabl...
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