Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide a new construction of a multi-unit development for seniors, (20) units with a mix of affordable and market rate rentals. Entity Name: 266 Clinton Ave Holdings, LLC Entity Address: 325 Ferry Street, Suite 108, Newark, New Jersey 07105 Sale Amount: $33,135.36 Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $114,400.00 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) 266 Clinton Avenue/Block 2671/Lot 3/South Ward 268 Clinton Avenue/Block 2671/Lot 2/South Ward 270 Clinton Avenue/Block 2671/Lot 1/South Ward Additional Information: Sale Price: Total Square Footage X PSF = 4,141.92 X $8.00 = $33,135.36. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.