Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide an office space for HCJ Construction with 3 residential units above with parking. Two (2) units will be market rate rentals and one (1) unit will be affordable at 80% AMI. Entity Name: HCJ Construction Enterprises LLC Entity Address: 210 7th Street, Palisades Park, New Jersey 07650 Sale Amount: $97,375.00 Cost Basis: ( X ) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $104,500.00 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) 238 Fabyan Place/Block 3084.01/Lot 5/ South Ward 234 Fabyan Place/Block 3084.01/Lot 7/ South Ward 242 Fabyan Place/Block 3084.01/Lot 3/ South Ward 240 Fabyan Place/ Block 3084.01/Lot 4/ South Ward Additional Information: Sale Price: Total Square Footage X PSF = 9,737.5 X $10.00 = $97,375.00. 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-k 080724

Resolution Adopted Introduced May 7, 2024

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