Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To rehabilitate a two-family dwelling for rent with one (1) unit at market rate and the other unit at 80% AMI. Entity Name: Nola-Can, LLC Entity Address:Newark, New Jersey 07112 Sale Amount: $58,335.00 Cost Basis: (X) $15.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $179,000.00 Appraised Amount: Not Applicable 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) 261 Rose Street/Block 2611/Lot 61.01/Central Ward Additional Information: Sale Price: Total Square Footage X PSF = 3,889 X $15.00 = $58,335.00. 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 July 25, 2024

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