Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To use as an extension to a current development project Entity Name: 34 Jersey U R LLC Entity Address: 1 Julius Way, Lakewood, New Jersey 08701 Sale Amount: $2,600,000.00 Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other: Assessed Amount: $920,100.00 Appraised Amount: $3,700,000.00 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) 34-48 Jersey Street/Block 171/ Lot 41/ East Ward Additional Information: Sale Price: Negotiated = $2,600,000.00 The difference between the sale price and appraised value is being offset by the Redeveloper's proposed construction of a boardwalk on the property, with an estimated cost ranging from One Million One Hundred Thousand Dollars and Zero Cents ($1,100,000.00) to One Million Three Hundred Fifty Thousand Dollars and Zero Cents ($1,350,000.00)

Resolution Adopted Introduced May 1, 2026

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