Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Construct two (2) 3-family houses for affordable housing.
Entity Name: Ascension Capital Partners I, LLC.
Entity Address: 59 Lincoln Park, Suite 200, Newark, New Jersey 07102
Sale Amount: $28,697.20
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $128,400.00
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)
41 Astor Street/Block 2812/Lot 24/East Ward
43 Astor Street/Block 2812/Lot 23/East Ward
45-47 Astor Street/Block 2812/Lot 22/East Ward
Additional Information:
Total Square Footage = 7,174.3X $4.00 = $28,697.20
Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned Property
body
WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned properties located in the East Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
41 Astor Street East 2812 24 25X85.6 2,140.0
43 Astor Street East 2812 23 25X85.10 2,127.5
45-47 Astor Street East 2812 22 33.8X86 2,906.8
Total Square Footage: 7,174.3
Total Purchase Price: $28,697.20 ($4.00 per sf.); and
WHEREAS, the City of Newark has determined that the above referenced City-owned Properties (the "Property"...
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