Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of a 2-family home to sell at market rate Entity Name: Ortech Renovation and Construction Limited Liability Company Entity Address: 255 Lehigh Avenue, Newark, New Jersey 07112 Sale Amount: $39,650.00 Cost Basis: (X) $13.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $12,200.00 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) 18 Seymour Avenue/Block 2657/Lot 49/South Ward Additional Information: Sale Price: Total Square Footage X PSF = 3,050 X $13.00 = $39,650.00. 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-f 102225 Deferred 7R2-c 110625 Deferred 7R2-a 112525

Resolution Returned to Administration Introduced April 3, 2025

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