Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Construction of a new three (3) family residential dwelling to be sold at market rate Entity Name: 177 Scheerer Avenue LLC Entity Address: 518 Belvidere Avenue, Plainfield, New Jersey 07062 Sale Amount: $78,960.00 Cost Basis: (X) $21.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $29,000.00 Appraised Amount: N/A 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) 177-179 Scheerer Avenue / Block 3666 / Lot 71 / South Ward Additional Information: Sale Price: Total Square Footage X PSF = 3,760 X $21= $78,960.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned property Deferred 7R2-j 090926