Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop new construction of a (29) unit affordable apartment building for seniors with a parking lot. Entity Name: Springfield Blossom, LLC Entity Address: 1212 Springfield Avenue, Irvington, New Jersey 07111 Sale Amount: $110,015.55 Cost Basis: (X) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $207,400.00 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) 626-638 Springfield Avenue/ Block 363/ Lot 8.02/South Ward Additional Information: Sale Price: Total Square Footage X PSF = 12,223.95 X $9.00 = $110,015.55. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.