Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of (2) two family homes, 1 unit will be owner occupied and 3 affordable rental units. Entity Name: Teki Construct LLC Entity Address: 30 Arsdale Place, Newark, New Jersey, 07106 Sale Amount: $62,820.00 Cost Basis: ( X ) $12.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $28,800.00 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) 438 Peshine Avenue/Block 3576/Lot 29/South Ward 440 Peshine Avenue/Block 3576/Lot 28/South Ward Additional Information: Sale Price: Total Square Footage X PSF = 5,235 X $12.00 = $62,820.00. 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-e 120424

Resolution Adopted Introduced October 24, 2024

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