24-0372

Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide for a new construction of senior housing with (67) affordable units at 60% AMI. Entity Name: CO Enterprises, LLC Entity Address: 28 Valley Road, Montclair, New Jersey 07042 Sale Amount: $185,580.00 Cost Basis: (X) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $332,300.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within eighteen (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) 295 Lyons Avenue/ Block 3051/ Lot 24/South Ward 297-299 Lyons Avenue/ Block 3051/ Lot 25 and 26/South Ward 301Lyons Avenue/ Block 3051/ Lot 27/South Ward 303 Lyons Avenue/Block 3051/Lot 28/South Ward 117 Aldine Street/ Block 3051/ Lot 21/South Ward 119-121 Aldine Street/ Block 3051/ Lot 22 and 23/South Ward Additional Information: Sale Price: Total Square Footage X PSF = 20,620 X $9.00 = $185,580.00. 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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