Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of two (2) three-family homes, of which one (1) will be sold at market rate and the other will be sold at an affordable rate Entity Name: Vinci Development LLC Entity Address: 138 Levgar Street, Piscataway, New Jersey 08854 Sale Amount: $60,000.00 Cost Basis: ( X ) $12.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $88,900.00 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) 48 Columbia Avenue/ Block 4031/ Lot 28/ West Ward 51 Columbia Avenue/Block 4034/ Lot 67/ West Ward Additional Information: Sale Price: Total Square Footage X PSF = 5,000 X $12.00 = $60,000.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.