Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of a five-story residential building with 16 market rate rental units with ground floor parking. Entity Name: Gomes Development Inc. Entity Address: 645 Belgrove Drive, Kearny, New Jersey 07032 Sale Amount: $32,439.96 Cost Basis: ( X ) $14.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $68,000.00 Appraised Amount: $N/A 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) 470 Ferry Street/Block 2476/Lot 22/East Ward Additional Information: Sale Price: Total Square Footage X PSF = 2,317.14 X $14.00 = $32,439.96 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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