24-0827

Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide development of a five-story mid-rise multi-family building with (64) units, (13) affordable housing units, amenities, and community building. Entity Name: Supreme Home Developers, LLC Entity Address: 1115 Inman Avenue, Suite 179, Edison, New Jersey 08820 Sale Amount: $222,876.39 Cost Basis: (X) $11.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $220,400.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within twenty-four (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) 575 South 10th Street/Block 313/Lot 56/Central Ward 594 South 11th Street/Block 313/Lot 21/Central Ward 592 South 11th Street/Block 313/Lot 22/Central Ward 590 South 11th Street/Block 313/Lot 23/Central Ward 588 South 11th Street/Block 313/Lot 24/Central Ward 586 South 11th Street/Block 313/Lot 25/Central Ward 596-610 South 11th Street/Block 313/Lot 13/Central Ward Additional Information: Sale Price: Total Square Footage X PSF = 20,261.49 X $11.00 = $222,876.39. 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 May 29, 2024

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