Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate the existing structures to create rental or for-sale housing.
Entity Name: MCI Construction Services, LLC
Entity Address: 136 Tiffany Boulevard, Suite 335, Newark, New Jersey 07104
Sale Amount: $50,000.00
Cost Basis: (X ) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $331,800.00
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)
192 South 10th Street/Block 1813/Lot 57/West Ward
223 South 10th Street/Block 1814/Lot 24/West Ward
Additional Information:
Total Price: Square Footage X PSF = 5,000 X $10.00 = $50,000.00
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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WHEREAS, the Department of Economic and Housing Development seeks to approve the sale and redevelopment of the following City-owned properties located in the West Ward of the City of Newark:
ADDRESS BLOCK LOT SIZE SQ. FEET
192 South 10th Street 1813 57 25X100 2,500.
223 South 10th Street 1814 24 25X100 2,500.
Total Square Footage: 5,000
Total Purchase Price: $50,000.00 ($10.00 per sf.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned properties (the "Properties") are no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City is proceeding with the rehabi...
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