Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of two (2) two-family homes, one (1) home will be rented at market rate and one (1) home will be rented to a Section 8 Housing Choice Voucher participant. Entity Name: A&V Investment Group LLC Entity Address: 406 Berkeley Avenue, Bloomfield, New Jersey 07003 Sale Amount: $99,960.00 Cost Basis: (X) $20.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $40,400.00 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) 24-26 Gladstone Avenue/Block 4003/Lot 39/West Ward 28 Gladstone Avenue/Block 4003/Lot 38/West Ward Additional Information: Sale Price: Total Square Footage X PSF = 4,998 X $20.00 = $99,960.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.