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 to be rented at an affordable rate of 20% AMI. Entity Name: Broad and Essex Development Corporation Entity Address: 625 Mayor Kenneth A. Gibson Boulevard, Suite 20, Newark, New Jersey 07102 Sale Amount: $65,385.60 Cost Basis: (X) $12.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $34,300.00 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) 713-715 South 14th Street/Block 2621/Lot 35/South Ward Additional Information: Sale Price: Total Square Footage X PSF = 5,448.8 X $12.00 = $65,385.60. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties