25-0733

Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of a 3-family home to rent at 80% Area Median Income. Entity Name: Youth Mentor Coalition, YMC a NJ Non-Profit Corporation Entity Address: 137 Renner Avenue, Newark, New Jersey 07112 Sale Amount: $25,000.00 Cost Basis: ( X ) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $16,300.00 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) 484 Jelliff Avenue/ Block 3573/ Lot 34/ South Ward Additional Information: Sale Price: Total Square Footage X PSF = 2,500 X $10.00 = $25,000.00. 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 May 13, 2025

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