Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Construction of a new five-story mixed-use building consisting of thirteen (13) market-rate multifamily residential units and commercial space located on the ground floor Entity Name: GT Community Development, LP Entity Address: 2 Center Street, Suite 2104, Newark, New Jersey, 07102 Sale Amount: $102,000.00 Cost Basis: (X) $24.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $18,200.00 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) 607-609 Clinton Avenue / Block 3004 / Lot 28 / South Ward Additional Information: Sale Price: Total Square Footage X PSF = 4,250 X $24.00 = $102,000.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned property