Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Construction of seven (7) new three - family homes to be sold at market rate. Entity Name: North Munn Associates LLC Entity Address: 45 Williams Street, Suite 314, Newark, New Jersey 07102 Sale Amount: $900,000.00 Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other: Assessed Amount: $58,200.00 Appraised Amount: $0.00 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) 112-124 North Munn Avenue/Block 4223/Lot 1/ West Ward Additional Information: Sale Price: Negotiated = $900,000.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties