Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide for the construction of a new detached two-family residential unit for sale at market rate, featuring six (6) bedrooms, five (5) full bathrooms, separate utilities, central air/heating, hard floors, ceramic tiles, and granite countertops.
Entity Name: Mercy of God Properties Holding, LLC
Entity Address: Baldwin, New York 11510
Sale Amount: $22,500.00
Cost Basis: (X) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $31,300.00
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)
589 South 18th Street/Block 340/Lot 20/West Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 2,500 X $9.00 = $22,500.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
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WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned property located in the West Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
589 South 18th Street
340
20
25X100 2,500
Total Square Footage: 2,500
Purchase Price: $22,500.00 (9.00 s.f); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced...
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