Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To rehabilitate a two-family home and sell to Newark residents whose income is at 60-80% AMI. Entity Name: S.G Global Enterprise, LLC Entity Address: 308 Hamilton Place, Unit 8, Hackensack, New Jersey 07601 and P.O. Box 2627, Newark, New Jersey 07114 Sale Amount: $37,500.00 Cost Basis: (X) $15.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $137,400.00 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) 316 S 19th Street/Block 1793/Lot 47/West Ward Additional Information: Sale Price: Total Square Footage X PSF = 2,500 X $15.00 = $37,500.00. 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 June 25, 2024

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