Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop new multi-family residential units. Entity Name: 225 Fourth Street, LLC Entity Address: Point Pleasant, New Jersey 08742 Sale Amount: $134,400.00 Cost Basis: (X)$12.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $134,400.00 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) 225 4th Street/Block 1914/Lot 15/Central Ward 223 4th Street/Block 1914/Lot 14/Central Ward 217 4th Street/Block 1914/Lot 11/Central Ward 219-221 4th Street/Block 1914/Lot 12/Central Ward Additional Information: Sale Price: Total Square Footage X PSF = 11,200 X $12.00 = $134,400.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties. Deferred 7R2-g 040523