Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of a multi-family home to sell at market rate Entity Name: Cervine Holdings LLC Entity Address: 102 Martin Luther King Jr. Drive, Jersey City, New Jersey 07305 Sale Amount: $27,500.00 Cost Basis: ( X ) $11.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $16,300.00 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) 58 Palm Street/ Block 4199/ Lot 105/ West Ward Additional Information: Sale Price: Total Square Footage X PSF = 2,500 X $11.00 = $27,500.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.