Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide new construction of forty (40) residential units with parking, tenant amenity space, and workforce housing units. Entity Name: 254 Clinton Avenue Group, LLC Entity Address: 325 Ferry Street, Suite 108, Newark, New Jersey 07105 Sale Amount: $96,706.00 Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $239,800.00 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) 254 Clinton Avenue/Block 2671/Lot 9/South Ward 256 Clinton Avenue/Block 2671/Lot 8/South Ward 258 Clinton Avenue/Block 2671/Lot 7/South Ward 260 Clinton Avenue/Block 2671/Lot 6/South Ward Additional Information: Sale Price: Total Square Footage X PSF = 12,088.25 X $8.00 = $96,706.00. 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-e 052423