Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide new construction of one (1) six (6) unit dwelling and one (1) three (3) unit dwelling, both having affordable rent and renovation of a two-family house with affordable rent. Entity Name: WBS Real Estate Developing, LLC Entity Address: Irvington, New Jersey 07111 Sale Amount: $72,000.00 Cost Basis: (X) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $268,400.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within twelve (24) 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) 19 Ferdinand Street/Block 1789.01/Lot 15/West Ward 21 Ferdinand Street/Block 1789.01/Lot 16/West Ward 293 South 18th Street/Block 1793 /Lot 2/West Ward Additional Information: Sale Price: Total Square Footage X PSF = 8,000 X $9.00 = $72,000.00. 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 8, 2024

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