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: $106,080.00
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $130,700.00
Appraised Amount: $0.00
Contract Period: To be commenced 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)
640-642 ML King Boulevard/Block 113/Lot 6/Central Ward
636-638 ML King Boulevard/Block 113/Lot 7/Central Ward
Additional Information:
Total Square Footage = 17,680 X $6.00 = $106,080.00
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 Central Ward of the City of Newark:
ADDRESS WARD BLOCK LOT(S) SIZE SQ. FEET 640-642 ML King Boulevard Central 113 6 50.9X200 10,180
636-638 ML King Boulevard Central 113 7 50X150 7,500
Total Square Footage: 17,680
Total Purchase Price: $106,080.00 ($6.00 per sf.); and
WHEREAS, the City of Newark has determined that the above referenced City-owned Properties (the "Properties") are no longer needed for public use; and
WHEREAS, pursuant to ...
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