Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide new construction of a three-family home to provide (2) market-rate rentals and (1) affordable rental unit at 80% Area Median Income (AMI). Entity Name: Ashland Properties, LLC Entity Address: Cedar Grove, New Jersey 07009 Sale Amount: $37,600.00 Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $29,100.00 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) 82 Huntington Terrace/Block 3606/ Lot 12/South Ward Additional Information: Sale Price: Total Square Footage X PSF = 3,760 X $10.00= $37,600.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.