Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To rehabilitate a three-family home with an affordable unit at 80% AMI and two (2) market rate units. Entity Name: Gateway Property Development, LLC Entity Address: Newark, New Jersey 07103 Sale Amount: $37,800.00 Cost Basis: (X) $15.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $204,000.00 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) 237 South 11th Street/Block 1815/Lot 15/West Ward Additional Information: Sale Price: Total Square Footage X PSF = 2,520 X $15.00 = $37,800.00. 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-b 110724

Resolution Adopted Introduced June 26, 2024

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