Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New Construction of a 3-story mixed use building with an office space and 2 affordable apartments and parking Entity Name: Naventi Investments LLC Entity Address: 237 Shephard Avenue, Newark, New Jersey 07112 Sale Amount: $55,944.00 Cost Basis: ( X ) $12.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $49,500.00 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) 522 South 11th Street/ Block 308/Lot 54/ Central Ward 524 South 11th Street/ Block 308/Lot 53/ Central Ward Additional Information: Sale Price: Total Square Footage X PSF = 4,662 X $12.00 = $55,944.00. 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 January 10, 2025

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