Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of a 6-story building including a courtyard and 77 parking spaces on the ground floor. Create72 residential rental units (studios, one, two- and three-bedroom units) which will be 100% affordable (at 40% - 80% Area Median Income levels). In addition, CHNJ will operate various programmatic uses such as an intake center, administrative spaces, a dining hall, communal programs, and educational spaces all to be used by the temporary housing residents. 76 temporary single bedroom units and common spaces will be provided to service single youth along with 20 single bedroom units and common spaces to service mothers and their children. Entity Name: Covenant House New Jersey, Inc. Entity Address: 330 Washington Street, Newark, New Jersey 07102 Sale Amount: $500,000.00 Cost Basis: ( ) PSF (X) Negotiated ( ) N/A ( ) Other: Assessed Amount: $1,288,100.00 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) 283-285 Halsey Street/Block 96 / Lot 8/Central Ward 287 Halsey Street/Block 96 /Lot 10/Central Ward 342-346 Washington Street/ Block 96/Lot 33/Central Ward 348 Washington Street/Block 96/Lot 32/Central Ward 350 Washington Street/Block 96/Lot 31/Central Ward 352 Washington Street/Block 96/Lot 30/Central Ward Additional Information: Sale Price: Negotiated = $500,000.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.