Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To rehabilitate a two-family home and sell to Newark residents whose income is at 60-80% AMI.
Entity Name: S.G Global Enterprise, LLC
Entity Address: 308 Hamilton Place, Unit 8, Hackensack, New Jersey 07601 and P.O. Box 2627, Newark, New Jersey 07114
Sale Amount: $37,500.00
Cost Basis: (X) $15.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $137,400.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) 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)
316 S 19th Street/Block 1793/Lot 47/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 2,500 X $15.00 = $37,500.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
body
WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned property located in the West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
316 South 19th Street
1793
47
25X100 2,500
Total Square Footage: 2,500
Purchase Price: $37,500.00 ($15.00 per sq. ft.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned property (the "Property") is no longer needed for public use; and
WHEREAS, pursu...
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