Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop properties into multi-family properties which includes two-family and three-family homes. Entity Name: Cornerstone Capital Investment Newark, LLC Entity Address: Fort Lee, New Jersey 07204 Sale Amount: $56,835.00 Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $142,800.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed with twenty-four (24) months following transfer of the properties 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) 715 S 17th Street/Block 365/Lot 10/South Ward 22 Pierce Street/Block 2620/Lots 25/South Ward 24 Pierce Street/Block 2620/Lot 26/South Ward 26 Pierce Street/Block 2620/Lot 27/South Ward Additional Information: Sale Price: Total Square Footage PSF = 9,472.5 X $6.00 = $56,835.00. 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-d 120722