Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of three (3) three-family homes, one (1) home will be sold at an affordable rate of 30%-70% Area Median Income and two (2) homes will be sold at market rate. Entity Name: GD & Miko Development LLC Entity Address: 92 Speedway Avenue, Newark, New Jersey 07106 Sale Amount: $157,500.00 Cost Basis: (X) $21.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $96,300.00 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) 325-329 South 18th Street/Block 1793/Lot 18/ West Ward Additional Information: Sale Price: Total Square Footage X PSF = 7,500 X $21.00 = $157,500.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties