Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To rehabilitate property and sell to a Newark 1st time homebuyer at 120% AMI and to construct a new three-family home to provide affordable rental units at 60-40% AMI. Entity Name: 813 State St, LLC Entity Address: Hillside, New Jersey 07205 Sale Amount: $108,060.00 Cost Basis: (X) $15.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $173,500.00 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) 24 Wyndmoor Avenue/Block 3721.02/Lot 18/South Ward 26 Wyndmoor Avenue/Block 3721.02/Lot 16/South Ward 836 South 14th Street/Block 3009/Lot 33/South Ward Additional Information: Sale Price: Total Square Footage X PSF = 7,204 X $15.00 = $108,060.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.