Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of a sixteen-unit (16) building, five (5) units to be rented at 30% AMI and eleven (11) units to be rented at 60% AMI. Entity Name: Pre-appraisals Property Development LLC Entity Address: 17 Academy Street, Suite 301, Newark, New Jersey 07102 Sale Amount: $83,470.00 Cost Basis: (X) $17.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $107,800.00 Appraised Amount: N/A Contract Period: To commence within three (3) months and be completed withing eighteen (18) months following transfer of Properties 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 Properties: (Address/Block/Lot/Ward) 479 Springfield Avenue/Block 2608/Lot 14/Central Ward 481 Springfield Avenue/Block 2608/Lot 13/Central Ward Additional Information: Sale Price: Total Square Footage X PSF = 4,910 X $17.00 = $83,470.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties Deferred 7R2-o 090926