Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide new construction of an affordable fifty (50) unit apartment building with a parking lot. Entity Name: Pinnacle Realty Investments, LLC Entity Address: North Caldwell, New Jersey 07006 Sale Amount: $23,300.80 Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $33,000.00 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) 27 Clark Street/Block 448/Lot 1/North Ward 31 Clark Street/Block 448/Lot 3/North Ward Additional Information: Sale Price: Total Square Footage X PSF = 2,912.6 X $8.00 = $23,300.80. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.