Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: On 522 ½ Central Avenue the property will be rehabilitated to create a new office headquarters and 508 15th Avenue will be developed into a new construction of a 2-family home which will provide affordable housing for Newark residents at 60-80% AMI. Entity Name: S.G. Global Enterprise LLC Entity Address: 212 Dayton Street, Apt 2, Ridgewood, New Jersey 07450 Sale Amount: $60,345.00 Cost Basis: (X) $15.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $65,400.00 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) 522 ½ Central Avenue/Block 1828 /Lot 64/ West Ward 508 15th Avenue/ Block 284/ Lot 1/ Central Ward Additional Information: Sale Price: Total Square Footage X PSF = 4,023 X $15.00 = $60,345.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties. Deferred 7R2-h 112525