Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To develop two (2) two-family modern flat roof styled residential homes.
Entity Name: Allied Community Investment Group, LLC
Entity Address: 260 Washington Street, Suite 201, Newark, New Jersey 07102
Sale Amount: $30,000.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $43,800.00
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)
436 South 9th Street/Block 290/Lot 41/Central Ward
415 South 7th Street/Block 302/Lot 21/Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 5,000.0 X $6.00 = $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.
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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 Central Ward of the City of Newark:
ADDRESS BLOCK LOT SIZE SQ. FEET
436 South 9th Street 290 41 25X100 2,500.0
415 South 7th Street 302 21 25X100 2,500.0
Purchase Price: $30,000.00 ($6.00 per sf.); and
WHEREAS, the City of Newark has determined that the above referenced City-owned Properties (the "Properties") is no longer needed for public use; and
WHEREAS, pur...
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