Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of two (2) two-family homes, with one to be sold at market rate and one to be sold at an affordable rate for residents at 80% of Area Median Income (“AMI”). Entity Name: Lincoln Park Coast Cultural District Entity Address: 450 Washington Street, Newark, New Jersey 07102 Sale Amount: $107,000.00 minus a property cleanup credit not to exceed $7,500.00 Cost Basis: ( ) $ PSF ( X ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $255,000.00 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) 66 Sherman Avenue/Block 2809/Lot 9/South Ward 64 Sherman Avenue/Block 2809/Lot 10/South Ward Additional Information: Sale Price: Negotiated Price = $107,000.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.