Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide for the construction of three (3) new three-family homes for sale at market rate value with affordable housing restrictions for rentals. Entity Name: Jarid Jamar Construction Company, Inc. Entity Address: West Orange, New Jersey 07052 Sale Amount: $81,000.00 Cost Basis: (X) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $287,500.00 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) 295 S. 18th Street/Block 1793/Lot 3/West Ward 297-299 S. 18th Street/Block 1793/Lot 5/West Ward 301 S. 18th Street/Block 1793/Lot 6/West Ward Additional Information: Sale Price: Total Square Footage XPSF = 9,000 X $9.00 = $81,000.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties. No Action Taken 7R2-g 111323