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 to sell at market rate on 403 South 11th Street and three (3) Single family homes to sell at market rate on 487-489 Hawthorne Avenue. Entity Name: BDG Development LLC Entity Address: 34 Woodland Avenue, Newark, New Jersey 07103 Sale Amount: $169,998.00 Cost Basis: (X) $20.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $451,800.00 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) 487-489 Hawthorne Avenue/ Block 3041/ Lot 1/ South Ward 403 South 11th Street/ Block 265/ Lot 17/ West Ward Additional Information: Sale Price: Total Square Footage X PSF = 8,499.9 X $20.00 = $169,998.00. Sale prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties Deferred 7R2-h 100125 Deferred 7R2-c 102225