Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop properties into one (1) new residential three-family structure and one (1) new two-family structure for rent.
Entity Name: ASG and Son Development, LLC
Entity Address: Newark, New Jersey 07112
Sale Amount: $43,179.60
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $100,400.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed with twenty-four (24) 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)
19 Kent Street/ Block 2616/Lot 1/South Ward
21 Kent Street/Block 2616/ Lot 2/South Ward
29 Kent Street/Block 2616/Lot 6/South Ward
Additional Information:
Total Price: Square Footage X PSF = 7,196.60 X $6.00 = $43,179.60.
Sales at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
Deferred 7R2-d 040523
body
WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned properties located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
19 Kent Street
2616|1010|25X100 2,500
21 Kent Street
2616|1010|22X100.3 2,206.6
29 Kent Street
2616|1010|25 X99.6 2,490
Purchase Price: $43,179.60 ($6.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned prope...
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