Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide for new construction of four (4) affordable two-family homes at less than 80% AMI and one (1) three-family home to sell at market rate, each property will have a one car garage. Entity Name: Rising Plains 570, LLC Entity Address: Hillside, New Jersey 07205 Sale Amount: $115,206.84 Cost Basis: (X) $7.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $328,200.00 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) 497-499 Bergen Street/Block 2611/Lot 29, 30, 36/Central Ward 215 Rose Street /Block 2611/Lot 38/Central Ward 507 Bergen Street /Block 2611 /Lot 33/Central Ward 509-513 Bergen Street /Block 2611/Lot 32/Central Ward Additional Information: Sale Price: Total Square Footage X PSF = 16,458.12 X $7.00 = $115,206.84. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties. Deferred 7R2-i 012424