Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of a 16- unit apartment building for individuals whose income is at 40-80% AMI with a commercial space. Entity Name: MB Development & Management LLP Entity Address: 17 Academy Street, Suite 301, Newark, New Jersey 07102 Sale Amount: $50,000.00 Cost Basis: ( X ) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $85,000.00 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) 509 Avon Avenue/Block 2640/ Lot 29/ South Ward 511 Avon Avenue/Block 2640/ Lot 30/ South Ward Additional Information: Sale Price: Total Square Footage X PSF = 5,000 X $10.00 = $50,000.00. 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 120424