Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of two (2) 3-family homes to sell at market rate Entity Name: 55-59 Pershing Ave, LLC Entity Address: 310 Chestnut Street, Roselle Park, New Jersey 07204 Sale Amount: $93,379.00 Cost Basis: (X) $13.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $94,000.00 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) 55-59 Pershing Avenue/Block 5092.03/Lot 100/South Ward Additional Information: Total Price: Square Footage X PSF = 7,183 X $13.00 =$93,379.00, Sale at prices set forth by Ordinance 6S&Fh, adopted April 7, 2004, establishing the minimum sale price of City-owned Properties. Deferred 7R2-d 050725