Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of a 2-family home to sell at an affordable rate. Entity Name: Pelal & Saraba Limited Liability Company Entity Address: 51 Nairn Place, Newark, New Jersey 07108 Sale Amount: $33,600.00 Cost Basis: ( X ) $12.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $31,600.00 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) 646 South 18th Street/ Block 350/ Lot 38/ West Ward Additional Information: Sale Price: Total Square Footage X PSF = 2,800 X $12.00 = $33,600.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.