Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide new construction of two (2) two-family homes, one being sold at market rate and the other at 60% of AMI or lower Entity Name: Road to Prosperity LLC Entity Address: 511 South Orange Avenue, Newark, New Jersey 07103 Sale Amount: $78,400.00 Cost Basis: (X) $14.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $20,200.00 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) 556-558 Sandford Avenue/Block 4109/Lot 16/West Ward Additional Information: Sale Price: Total Square Footage X PSF = 5,600 X $14.00 = $78,400.00. 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 112525

Resolution Adopted Introduced July 9, 2025

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