Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Construction of a new four-family residential home designated for households earning up to 80% of the Area Median Income (AMI) Entity Name: 256 Chadwick LLC Entity Address: 38 Pierce Street, Newark, New Jersey 07103 Sale Amount: $59,500.00 Cost Basis: (X) $17.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $27,500.00 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) 205 Avon Avenue / Block 2658 / Lot 29 / Central Ward Additional Information: Sale Price: Total Square Footage X PSF = 3,500 X $17.00 = $59,500.00. 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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