File #: 19-0722    Version: 1 Name: Algorithm Real Estate Holdings
Type: Resolution Status: Adopted
File created: 4/24/2019 In control: Economic and Housing Development
On agenda: 8/20/2019 Final action: 8/20/2019
Title: Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To construct a two-family home. Entity Name: Algorithm Real Estate Holdings Limited Liability Company Entity Address: 200 Renner Avenue, Newark, New Jersey 07112 Sale Amount: $20,831.40 Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $22,700.00 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 (Address/Block/Lot/Ward) 268 Seymour Avenue/Block 3597/Lot 18/South Ward Additional Information: Total Purchase Pric...
Sponsors: Council of the Whole
Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To construct a two-family home.
Entity Name: Algorithm Real Estate Holdings Limited Liability Company
Entity Address: 200 Renner Avenue, Newark, New Jersey 07112
Sale Amount: $20,831.40
Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $22,700.00
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
(Address/Block/Lot/Ward)
268 Seymour Avenue/Block 3597/Lot 18/South Ward
Additional Information:
Total Purchase Price: Square Footage x PSF = 3,471.9 X $6.00 = $20,831.40
Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
body

WHEREAS, the purpose of this resolution is to approve the sale and redevelopment of the following City-owned Property located in the South Ward of the City of Newark:

ADDRESS
BLOCK
LOT
SIZE
SQ. FEET
268 Seymour Ave
3597
18
32.6X106.5
3,471.9

Total Purchase Price: $20,831.40 ($6.00 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 the Properties 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, the Municipal...

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