Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of two (2) three-family homes, both homes will be sold at market rate. Entity Name: Crest Construction Acquisitions LLC Entity Address: 251 S Ridgewood Road, South Orange, New Jersey 07079 Sale Amount: $125,000.00 Cost Basis: (X) $25.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $53,000.00 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) 439 Badger Avenue/Block 3573/Lot 15/ South Ward 423 South 15th Street/Block 319/Lot 43/ West Ward Additional Information: Sale Price: Total Square Footage X PSF = 5,000 X $25.00 = $125,000.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.