Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of three (3) two-family homes to be rented at an affordable rate of 60%-80% AMI. Entity Name: VS Property Builders L.L.C. Entity Address: 79-81 Shanley Avenue, Newark, New Jersey 07108 Sale Amount: $105,000.00 Cost Basis: (X) $14.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $42,700.00 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) 884-886 South 14th Street/Block 3009/Lot 10/South Ward 888 South 14th Street/Block 3009/Lot 9/South ward Additional Information: Sale Price: Total Square Footage X PSF = 7,500 X $14.00 = $105,000.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.