Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To construct a new two-family home with affordable rental units. Entity Name: ABB Properties, LLC Entity Address: 1416 Morris Avenue, Suite 209, Union, New Jersey 07083 Sale Amount: $48,400.00 Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A Assessed Amount: $96,900.00 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) 209-211 Clinton Place/Block 3046.01/Lot 18/South Ward Additional Information: Sale Price: Total Square Footage X PSF = 6,050 X $8.00 = $48,400.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.