Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of three (3) two-family homes to be sold at market rate. Entity Name: Bergen Street Urban Redevelopment, LLC Entity Address: 49 Hermon Street, Newark, New Jersey 07105 Sale Amount: $162,800.00 Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( X ) Other: Assessed Value Assessed Amount: $162,800.00 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) 612 Bergen Street/Block 2685/Lot 3/South Ward 616 Bergen Street/Block 2685/Lot 1/South Ward 102 Madison Avenue/Block 2685/Lot 4/South Ward Additional Information: Sale Price: Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties