Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of a 5 story mixed use senior housing development with 44 residential units, an outpatient clinic, and a commercial kitchen Entity Name: Yolanda Alonzo’s Love, Inc. Entity Address: 372 Broad Street, Newark, New Jersey 07104 Sale Amount: $100,000.00 Cost Basis: ( X ) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $237,900.00 Appraised Amount: $0.00 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) 398-406 Chancellor Avenue/ Block 3735/ Lot 1/ South Ward Additional Information: Sale Price: Total Square Footage X PSF = 10,000 X $10.00 = $100,000.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties Deferred 7R2-c 021925