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File #: 21-1720    Version: 1 Name: NKEM Properties, LLC
Type: Resolution Status: Adopted
File created: 11/19/2021 In control: Economic and Housing Development
On agenda: 9/8/2022 Final action: 9/21/2022
Title: Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop property into a three (3) two-bedroom structure. Entity Name: NKEM Properties, LLC Entity Address: Township of Washington, New Jersey 07676 Sale Amount: $47,500.00 Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $30,600.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within eighteen (18) months following transfer of property ownership from the City to the Redeveloper 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) 747-749 South 14th Street/Block 2634/Lot 14/South Ward Addit...
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 develop property into a three (3) two-bedroom structure.
Entity Name: NKEM Properties, LLC
Entity Address: Township of Washington, New Jersey 07676
Sale Amount: $47,500.00
Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $30,600.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within eighteen (18) months following transfer of property ownership from the City to the Redeveloper
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)
747-749 South 14th Street/Block 2634/Lot 14/South Ward
Additional Information:
Total Price: Square Footage X PSF = 4,750 X $10.00 = $47,500.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
Deferred 7R2-g 090822
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(S)
SIZE SQ. FEET
747-749 South 14th Street

2634
14
50X95 4,750
Purchase Price: $47,500.00 ($10.00 per s.f.); and

WHEREAS, the City of Newark (the "City") 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...

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