Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of a multi-unit apartment building with 3 market rate rentals and 1 owner occupied. Entity Name: TMA Urban Real Property Development Group LLC Entity Address: 972 Broad Street,1st Fl, Newark, New Jersey 07102 Sale Amount: $70,131.60 Cost Basis: (X) $14.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $44,600.00 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) 63-65 Fabyan Place/ Block 3081/ Lot 1/ South Ward Additional Information: Sale Price: Total Square Footage X PSF = 5,009.4 X $14.00 = $70,131.60. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.