Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Construction of six (6) new two - family homes with two (2) homes being sold at 80% AMI and below and four (4) homes being sold at market rate, e, the commercial component to continue to renovate hallways, gymnasiums and classrooms to operate as a workforce training center for local residents seeking employment opportunities and a five (5) year no cost use of community space. Entity Name: Nan Newark Tech World A NJ Nonprofit Corporation Entity Address: 400 Hawthorne Avenue, Newark, New Jersey 07112 Sale Amount: $525,000.00 Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other: Assessed Amount: $1,746,400.00 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) 392-400 Hawthorne Avenue/Block 3617/ Lot 8,9,10,11,12/ South Ward 395 Hawthorne Avenue/ Block 3037/ Lot 20/ South Ward 397-399 Hawthorne Avenue/ Block 3037/ Lot 19/ South Ward 403-405 Hawthorne Avenue/ Block 3037/ Lot 16/ South Ward 407-409 Hawthorne Avenue/ Block 3037/ Lot 13/ South Ward 411 Hawthorne Avenue/ Block 3037/ Lot 12/ South Ward Additional Information: Sale Price: Negotiated = $525,000.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties

Resolution Returned to Administration Introduced May 15, 2025

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