Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Construction of two two-family homes, with one home to be built on each lot. The homes will be sold to households earning up to 80% of the Area Median Income (AMI). Entity Name: Bright Night LLC Entity Address: 15 1st Street Hackensack, New Jersey, 07601 Sale Amount: $86,530.00 Cost Basis: (X) $17.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $37,200.00 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) 64 Kent Street /Block 2615/Lot 30/ South Ward 31 North Munn Avenue /Block 4213/Lot 30/ West Ward Additional Information: Sale Price: Total Square Footage X PSF = 5,090 X $17.00 = $86,530.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.