Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of a mixed use 24 unit affordable apartment building with a rooftop terrace and retail space Entity Name: E. Gill Development II LLC Entity Address: 2 Center Street #2104, Newark, New Jersey 07102 Sale Amount: $189,180.00 Cost Basis: (X) $18.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $127,900.00 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) 652-654 South 18th Street/ Block 350/ Lot 35/ West Ward 656 South 18th Street/ Block 350/ Lot 33/ West Ward 658 South 18th Street/ Block 350/ Lot 32/ West Ward 660 South 18th Street/ Block 350/ Lot 31/ West Ward Additional Information: Sale Price: Total Square Footage X PSF = 10,510 X $18.00 = $189,180.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties