Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide new construction of two (2) two-family homes to sell at market rate. Entity Name: L.A.B Acquisitions, LLC Entity Address: 188 Jefferson Street, #355, Newark, New Jersey 07105 Sale Amount: $92,070.00 Cost Basis: (X) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $125,800.00 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) 9 Gladstone Avenue/Block 4004/Lot 43/West Ward 11 Gladstone Avenue/Block 4004/Lot 42/West Ward 28 Gladstone Avenue/Block 4003/Lot 38/West Ward 24-26 Gladstone Avenue/Block 4003/Lot 39/West Ward Additional Information: Sale Price: Total Square Footage X PSF = 10,230 X $9.00 = $92,070.00. 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-c 110724

Resolution Adopted Introduced July 17, 2024

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