Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Redevelop the properties as affordable rental or for-sale housing
Entity Name: Ascension Capital Partners I, LLC
Entity Address: 59 Lincoln Park, Newark, New Jersey 07102
Sale Amount: $116,099.20
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $644,000.00
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)
521 Springfield Avenue/Block 2614/Lot 5/South Ward
527 Springfield Avenue/Block 2614/Lot(s) 2,34/South Ward
529 Springfield Avenue/Block 2614/Lot 1/South Ward
457 18th Avenue/Block 2614/Lot 9/South Ward
459 18th Avenue/Block 2614/Lot 8/South Ward
461 18th Avenue/Block 2614/Lot 7/South Ward
9-11 Brenner Street/Block 2614/Lot(s) 30,31/South Ward
15 Brenner Street/Block 2614/Lot 28/South Ward
606 S 10th Street/Block 2614/Lot 33/South Ward
608 S 10th Street/Block 2614/Lot 32/South Ward
Additional Information:
Total Square Footage = 29,024.8X $4.00 = $116,099.20
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 purpose of this resolution is to approve the sale and redevelopment of the following City-owned Properties located in the South Ward of the City of Newark:
ADDRESS WARD BLOCK LOT(S) SIZE SQ. FEET
521 Springfield Avenue South 2614 5 36....
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