Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Rehabilitate property as rental or for-sale housing.
Entity Name: Ikenga Group, LLC.
Entity Address: 656-658 S. 14th Street, Newark, New Jersey 07103
Sale Amount: $12,800.00
Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $155,100.00
Appraised Amount: $0.00
Contract Period: To be commenced within three (3) months and to be completed within twelve (12) 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
(Address/Block/Lot/Ward)
126 S. 12th Street/Block 1858/Lot 42/West Ward
Additional Information:
Total Square Footage = 3,200. X $4.00 = $12,800.00
Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned property.
Failed 7R2-a (s) 022217
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WHEREAS, the purpose of this resolution is to approve the sale and rehabilitation of the following City-owned property located in the West Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SIZE SQ. FEET
126 S. 12th Street West 1858 42 25X100 3,200
Total Purchase Price: $12,800.00 ($4.00 per sq. ft.); and
WHEREAS, the City of Newark has determined that the above referenced City-owned property (the "Property") is no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City of Newark is proceeding with the rehabilitation of the area and is conveying property at such prices and upon such terms as it deems reasonable and said conveyance is made in conjunction with the applicable Redevelopment Plan, as amended; and
WHEREAS,...
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