Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New Construction of a 3-family home for rent, two (2) affordable units and one (1) at market rate. Entity Name: Legacy Builders. The Future LLC Entity Address: 132 Verona Avenue, Newark, New Jersey 07104 Sale Amount: $30,380.35 Cost Basis: (X) $13.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $15,600.00 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) 106 Watson Avenue/ Block 3573/ Lot 6/ South Ward Additional Information: Sale Price: Total Square Footage X PSF = 2,336.95 X $13.00 = $30,380.35. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.