Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of a mixed-use building consisting of two (2) ground floor commercial office suites and eight (8) residential units - two (2) units will be rented at an affordable rate between 60%-100% AMI and six (6) units will be rented at market rate. Entity Name: South Ward Capital LLC Entity Address: 953 Bergen Street, Newark, New Jersey 07112 Sale Amount: $90,742.50 Cost Basis: (X) $25.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $81,400.00 Appraised Amount: n/a Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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) 949-951 Bergen Street/Block 3667/Lot 5/South Ward Additional Information: Sale Price: Total Square Footage X PSF = 3,629.7 X $25.00 = $90,742.50. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.