Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying ( x ) Authorizing ( x ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of a 4-story building with 25 affordable residential units and 14 parking spaces Entity Name: 757 Sanford Management, LLC Entity Address: 124 Polk Street, Box #S-2, Newark, New Jersey 07105 Sale Amount: $150,000.00 Cost Basis: ( X ) $15.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $279,300.00 Appraised Amount: $0.00 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) 757-763 Sandford Avenue/ Block 4131/ Lot 5,6,7,8/ West Ward Additional Information: