Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Develop two (2) duplex style, and one (1) two-family affordable or market rate, rental or for-sale homes
Entity Name: New Age Investment Properties, LLC.
Entity Address: 119 Holland Road, South Orange, New Jersey, 07079
Sale Amount: $30,000.00
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $65,700.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months from the transfer of 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)
435-437 S 18th Street/Block 322/Lots 22, 23/West Ward
441 S 18th Street/Block 322/Lot 25/West Ward
Additional Information:
Total Square Footage = 7,500 X $4.00 = $30,000.00
Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned Properties.
Assessment revised from property vital due to the structures having been demolished.
body
WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned Properties located in the West Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
435-437 S 18th Street West 322 22,23 50X100 5,000
441 S 18th Street West 322 25 25X100 2,500
Total Square Footage: 7,500
Total Purchase Price: $30,000.00 ($4.00 per sq. ft.); and
WHEREAS, the City of Newark has determined that the above referenced City-owned Pro...
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