Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of a three-family home to be rented at workforce level from 60%-100% of the Area Median Income. Entity Name: Burrowes Development Group LLC Entity Address: 428 3rd Avenue West, Newark, New Jersey 07107 Sale Amount: $27,988.80 Cost Basis: (X) $16.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $25,500.00 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) 543-545 18th Avenue/Block 360/Lot 49/South Ward Additional Information: Sale Price: Total Square Footage X PSF = 1,749.30 X $16.00 = $27,988.80. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties