Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To rehabilitate the current existing building and the new construction of a one (1) story warehouse. Entity Name: JTG Developers, LLC Entity Address: 312 Emmet Street, Newark, New Jersey 07114 Sale Amount: $554,400.00 Cost Basis: (X) $11.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $1,530,300.00 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) Foot of Emmet Street/Block 1150/Lot 3/East Ward Additional Information: Sale Price: Total Square Footage X PSF = 50,400 X $11.00 = $554,400.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.