Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop the properties into a one-family home. Entity Name: 385-391 Parker Street Development, LLC Entity Address: Newark, New Jersey 07107 Sale Amount: $120,000.00 Cost Basis: (X) $12.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $135,000.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within eighteen (18) 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) 385-387 Parker Street/Block 607/Lot 49/North Ward 389-391 Parker Street/Block 607/Lot 51/North Ward Additional Information: Sale Price: Total Square Footage X PSF = 10,000 X $12.00 = $120,000.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.