Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of three (3), 2-family homes to sell at market rate Entity Name: Benfica Development LLC Entity Address: 18-20 Bloomfield Avenue, Belleville, New Jersey 07109 Sale Amount: $73,692.00 Cost Basis: ( X ) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other Assessed Amount: $71,600.00 Appraised Amount: N/A 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) 26 Silver Street/Block 4108/Lot 5/ West Ward 59 Sunset Avenue/ Block 4061/ Lot 116/ West Ward 68 Lindsley Avenue/ Block 4044/ Lot 29/ West Ward Additional Information: Sale Price: Total Square Footage X PSF = 7,369.20 X $10.00 = $73,692.00 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 November 12, 2024

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