Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of two, (2) 2-family homes to sell at market rate Entity Name: Joao D. Fonseca Entity Address: 2059 Tyler Street, 1st Fl, Union, New Jersey 07083 Sale Amount: $50,000.00 Cost Basis: ( X ) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $42,600.00 Appraised Amount: 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) 312 South 20th Street/Block 1794/Lot 49/ West Ward 314 South 20th Street/ Block 1794/Lot 48/ West Ward Additional Information: Sale Price: Total Square Footage X PSF = 5,000 X $10.00 = $50,000.00. 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-g 121824 Deferred 7R2-b 010825

Resolution Adopted Introduced July 16, 2024

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