Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop properties into three (3), two-family homes. Entity Name: 3MB Properties, LLC Entity Address: Newark, New Jersey 07112 Sale Amount: $93,800.00 Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $63,000.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within eighteen (18) months following transfer of 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) 121-123 3rd Avenue East/Block 560/Lot 34/North Ward 892 South 20th Street/Block 3015/Lot 3/South Ward 923 South 18th Street/Block 3017/Lot 12/South Ward Additional Information: Sale Price: Total Square Footage X PSF = 9,380 X $10.00 = $93,800.00. 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-k 090822