Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide new construction of City-owned property into a multi-purpose building, including a funeral home, grief counseling center, youth entrepreneur center and a banquet hall. Entity Name: Islamic Burial Services, LLC Entity Address: Newark, New Jersey 07107 Sale Amount: $128,040.00 Cost Basis: ( ) PSF ( ) Negotiated ( ) N/A (X) Other: $128,040.00 Assessed Amount: $426,800.00 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) 502 South Orange Avenue/Block321/Lot 1/West Ward 500 South Orange Avenue/Block321/Lot 2/West Ward 498 South Orange Avenue/Block321/Lot 3/West Ward Additional Information: Total Price: 30% X Other: Assessed Amount = .30 X $426,800.00 = $128,040.00. Sales at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.