Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide new construction of a sixty-eight (68) unit apartment building with 20% of units providing affordable housing at 60% AMI. Entity Name: WMKTST, LLC Entity Address: 300 Wilson Avenue, Newark, New Jersey 07105 Sale Amount: $133,200.00 Cost Basis: (X) $18.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $165,000.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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) 361 West Market Street/Block 1842/Lot 21/Central Ward 363 West Market Street/Block 1842/Lot 22/Central Ward 367 West Market Street/Block 1842/Lot 24/Central Ward Additional Information: Sale Price: Total Square Footage X PSF = 7,400 X $18.00 = $133,200.00. 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 August 12, 2024

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