Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Proposed construction of a six-story mixed-use development consisting of commercial space on the ground floor and 28 residential units above, with 20% of the residential units reserved as affordable housing. Entity Name: Emmoli Ventures Inc. Entity Address: 1006 Park Avenue, Plainfield, New Jersey, 07060 Sale Amount: $400,000.00 Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other: Assessed Amount: $219,600.00 Appraised Amount: N/A Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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) 502-504 Clinton Avenue /Block 2687/ Lot 51/ South Ward Additional Information: Sale Price: Negotiated = $400,000.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties