Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: Rehabilitate property for ancillary use with adjacent business
Entity Name: Manny & MGA, LLC.
Entity Address: 431 South Street, Newark, New Jersey, 07105
Sale Amount: $10,000.00
Cost Basis: (X) Approximately $5.74 PSF ( ) Negotiated ( ) N/A
( ) Other:
Assessed Amount: $24,000.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within six (6) 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)
449-457 South Street/Block 5088-03/Lot 24/East Ward
Additional Information:
Total Square Footage = 1,742.4 X Approximately $5.74 = $10,000.00
Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned property.
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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 East Ward of the City of Newark:
ADDRESS WARD BLOCK LOT SQ. FEET
449-457 South Street East 5088-03 24 1,742.4
Total Purchase Price: $10,000.00 (Approximately $5.74 per sf.); 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 Properties at such prices and upon such terms as it deems reasonable and said conveyance is made in...
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