Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate the properties as affordable rental housing.
Entity Name: Mingo Investments, LLC
Entity Address: 14 Nassau Place, East Orange, New Jersey 07040
Sale Amount: $51,210.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $330,500.00
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)
163 N 9th Street/Block 1937/Lot 52/West Ward
87-89 N Munn Avenue/Block 4213/Lot 1/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 8,535 X $6.00 = $51,210.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
No Action Taken 7R2-b (s) 081721
body
WHEREAS, the Department of Economic Housing and 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(S)
SIZE SQ. FEET
163 N 9th Street
1937
52
25X130 3,250
87-89 N Munn Avenue
4213
1
50X105.7 5,285
Total Square Footage: 8,535.00
Total Purchase Price: $51,210.00 ($6.00 per s.f.); 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
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