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: one (1) will be sold at 80% AMI, and one (1) will be sold at market rate Entity Name: Ali Muslim Entity Address: 308 West Runyon Street Newark, New Jersey 07108 Sale Amount: $80,000.00 Cost Basis: (X) $16.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $34,400.00 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) 302-304 West Runyon Street / Block 3036 / Lot 34, 35 / South Ward Additional Information: Sale Price: Total Square Footage X PSF = 5,000 X $16.00 = $80,000.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned property