Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide for new construction of a mixed-used twenty-four (24) unit apartment building with a parking lot and commercial space, units will be affordable housing ranging from 30% -120% AMI. Entity Name: 605 Sanford Avenue, LLC Entity Address: Newark, New Jersey 07105 Sale Amount: $45,000.00 Cost Basis: (X) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $877,300.00 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) 603-605 Sandford Avenue/Block 4123/Lot 7, 8, 9, and 10/West Ward Additional Information: Sale Price: Total Square Footage X PSF = 5,000 X $9.00 = $45,000.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.