Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To rehabilitate and redesign into a modern sales facility for pre-owned motor vehicles. Entity Name: Madison Investors, LLC Entity Address: Union, New Jersey 07083 Sale Amount: $146,460.00 Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A (X ) Other: 30% of assessed amount Assessed Amount: $488,200.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within twelve (12) 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) 343-351 South Street/5088/Lot 1/ East Ward Additional Information: Sale Price: 30% of Assessed Value, $488,200.00 X .30 = $146,460.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties. Deferred 7R2-c080223