Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Rehabilitate and sell the two-family property to support first-time and workforce homebuyers for households earning 30% - 80% of AMI Entity Name: 16 Highland Collective LLC Entity Address: 511 South Orange Avenue, Suite:2173 Newark, New Jersey 07103-0701 Sale Amount: $43,160.00 Cost Basis: (X) $20.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $83,600.00 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) 16 Highland Avenue /Block 506/Lot 29/ North Ward Additional Information: Sale Price: Total Square Footage X PSF = 2,158 X $20.00 = $43,160.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.