Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide for new construction of a three-family home to sell at market rate. Entity Name: 393 S. 11th Street Redevelopment, LLC Entity Address: South Orange, New Jersey 07079 Sale Amount: $19,430.40 Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $30,700.00 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) 393 South 11th Street/Block 265/Lot 12/West Ward Additional Information: Sale Price: Total Square Footage X PSF = 2,428.8 X $8.00 = $19,430.40. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.

Resolution Adopted Introduced March 4, 2024

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