Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide a parking lot for patrons for adjacent business on 519 Broadway. Entity Name: Bilal R. Naji Entity Address: 77 North Midland Avenue, Kearny, New Jersey 07032 Sale Amount: $40,680.00 Cost Basis: ( X ) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $25,900.00 Appraised Amount: $0.00 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) 65-67 Chester Avenue/Block 678/Lot 60/North Ward Additional Information: Sale Price: Total Square Footage X PSF = 4,520 X $9.00 = $40,680.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.