Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide for new construction of an affordable (40%, 60%, and 80% AMI) twenty-four (24) unit apartment building with twenty (20) parking spaces, and commercial space. Entity Name: ODMH GP, LLC Entity Address: 74 Dr. MLK Jr. Boulevard, Newark, New Jersey 07104 Sale Amount: $68,400.00 Cost Basis: (X) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $413,000.00 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) 61-69 Orchard Street/Block 883/Lot 11/Central Ward Additional Information: Sale Price: Total Square Footage X PSF = 7,600 X $9.00 = $68,400.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.