Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To rehabilitate the existing two-unit property: one (1) unit will be owner occupied, and one (1) unit will be rented to an income qualified household at 40% AMI Entity Name: Newark King Realty LLC Entity Address: 557 Clinton Avenue, Newark, New Jersey 07108 Sale Amount: $98,430.00 Cost Basis: (X) $17.00 PSF ( ) Negotiated ( ) N/A ( ) Other Assessed Amount: $164,000.00 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) 26-28 Hedden Terrace / Block 3024 / Lot 23 / South Ward Additional Information: Sale Price: Total Square Footage X PSF = 5,790 X $17.00 = $98,430.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned property

Resolution Adopted Introduced January 28, 2026

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