Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide a new construction of (2) two-family homes with the intent to sell (1) home at the current market rate and the other home at 50% of the Area Median Income (AMI). Entity Name: Blackmon Homes, LLC Entity Address: Plainfield, New Jersey 07060 Sale Amount: $79,036.20 Cost Basis: (X) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $50,600.00 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) 265-267 Seymour Avenue/Block 3598/Lot 5/South Ward 269 Seymour Avenue/Block 3598/Lot 3/South Ward Additional Information: Sale Price: Total Square Footage X PSF = 8,781.80 X $9.00 = $79,036.20. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.