24-1399

Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New Construction of (1) Two-family home and (1) Three family home to provide five total affordable rental units Entity Name: Concrete Property L.L.C. Entity Address: 22 Mapes Terrace, Newark, New Jersey 07112 Sale Amount: $63,672.20 Cost Basis: ( X ) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $67,800.00 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) 340 South 20th Street/Block 1794/ Lot 35/ West Ward 54 Fabyan Place/Block 3076/Lot 5/ South Ward Additional Information: Sale Price: Total Square Footage X PSF = 6,367.22 X $10.00 = $63,672.20. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.

Resolution Returned to Administration Introduced October 11, 2024

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