Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: On 555 South Orange Ave., new construction of a mix-used building with a resource center on the ground floor and 4 residential apartments above. On 25-27 Martin Luther King Boulevard will be new construction of a 4-family home to sell to a first-time homebuyer at market rate. Entity Name: Transcend Outreach Center, Inc. Entity Address: 971 Clinton Avenue, Irvington, New Jersey 07111 Sale Amount: $90,238.20 Cost Basis: (X) $15.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $90,900.00 Appraised Amount: N/A 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) 555 South Orange Avenue /Block 1789/Lot 30/ West Ward 25 Martin Luther King Boulevard /Block 486/Lot 12/ Central Ward 27 Martin Luther King Boulevard /Block 486/Lot 13/ Central Ward Additional Information: Sale Price: Total Square Footage X PSF = 6,015. 88 X $15.00 = $90,238.20 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-d 112525