25-0170

Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of a 16-unit residential building with a mix of affordable units at 40%-80% AMI and market rate units Entity Name: Detail Oriented Contracting LLC Entity Address: 343-359 Springfield Avenue, Suite 100, Newark, New Jersey 07103 Sale Amount: $75,000.00 Cost Basis: ( X ) $15.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $110,000.00 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) 397-399 Chancellor Avenue /Block 3733/ Lot 52/ South Ward Additional Information: Sale Price: Total Square Footage X PSF = 5,000 X $15.00 = $75,000.00. 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 30, 2025

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