Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of a two-family dwelling, with one unit designated for owner occupancy and the second unit to be leased to an income-qualified household at 80% of Area Median Income (AMI). Entity Name: King Deans LLC Entity Address: 224 Fairmount Avenue Newark, New Jersey 07103 Sale Amount: $63,920.00 Cost Basis: (X) $17.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $27,800.00 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) 215 Fairmount Avenue /Block 263/Lot 55/ West Ward Additional Information: Sale Price: Total Square Footage X PSF = 3,760 X $17.00 = $63,920.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.

Resolution Adopted Introduced June 8, 2026

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