Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: 602 South Orange Avenue and 604 South Orange Avenue will consist of new construction of a mixed-use building having two (2) to three (3) units for rent at market rate, ground floor commercial space for wine and spirits shop, and customer parking lot. 35 North 14th Street will be developed as a newly constructed two-family home to be sold at market rate. Entity Name: IAMYCO Investments LLC Entity Address: 81 Northfield Avenue #103, West Orange, New Jersey 07052 Sale Amount: $143,764.11 Cost Basis: (X) $21.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $169,400.00 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) 602 South Orange Avenue/ Block 4003/ Lot 2/ West Ward 604 South Orange Avenue/ Block 4003/ Lot 1/ West Ward 35 North 14th Street/ Block 1923/ Lot 40/ West Ward Additional Information: Sale Price: Total Square Footage X PSF = 6,845.91 X $21.00 = $143,764.11 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.