Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To rehabilitate a three (3) family home, of which one (1) unit will become owner occupied, and of which the other two (2) units will be rented at market rate. Entity Name: One Stop Construction LLC Entity Address: 298 South 6th Street, Newark, New Jersey 07103 Sale Amount: $65,880.00 Cost Basis: ( X ) $15.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $156,200.00 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) 56 Seymour Avenue/Block 3000/Lot 48/ South Ward Additional Information: Sale Price: Total Square Footage X PSF = 4,392 X $15.00 = $65,880.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties. Failed 7R2-f 080724

Resolution Adopted Introduced May 16, 2024

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