Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To consolidate lots and merge with existing business as an automotive service company Entity Name: Rex Properties LLC Entity Address: 11 Ferdon Street, Newark, New Jersey 07105 Sale Amount: $7,586.74 Cost Basis: ( X ) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $23,500.00 Appraised Amount: $N/A 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) 270 Delancy Street/Block 1096/Lot 59/East Ward 272-276 Delancy Street/Block 1096/Lot 36/East Ward Additional Information: Sale Price: Total Square Footage X PSF = 948.34 X $8.00 = $7,586.74. 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 October 2, 2024

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