Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Construction of a minimum of 8-unit 100% affordable rental housing development catering to the 40%-120% AMI population with commercial space on the ground floor; construction of three (3) new two-family homes be sold at market rate; renovations of hallways, gymnasiums and classrooms be used to operate as a workforce training center for local residents with a five (5) year no cost use of space and new construction of a building for the local non-profit Clinton Hill Society. Entity Name: Nan Newark Tech World A NJ Nonprofit Corporation Entity Address: 400 Hawthorne Avenue, Newark, New Jersey 07112 Sale Amount: $525,000.00 Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other: Assessed Amount: $1,746,400.00 Appraised Amount: $N/A Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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) 411 Hawthorne Avenue/ Block 3037/ Lot 12/ South Ward 407-409 Hawthorne Avenue/ Block 3037/ Lot 13/ South Ward 403-405 Hawthorne Avenue/ Block 3037/ Lot 16/ South Ward 397-399 Hawthorne Avenue/ Block 3037/ Lot 19/ South Ward 395 Hawthorne Avenue/ Block 3037/ Lot 20/ South Ward 392-400 Hawthorne Avenue/Block 3617/ Lot 8,9,10,11,12/ South Ward Additional Information: Sale Price: Negotiated = $525,000.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties