Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop the properties into two (2), multi-family homes. Entity Name: Gateway Property Development, LLC Entity Address: Newark, New Jersey 07103 Sale Amount: $41,242.98 Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $42,500.00 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) 87-89 Whitney Street/Block 4003/Lot 28/West Ward 25-27 Dassing Avenue/Block 4003/Lot 29/West Ward Additional Information: Additional Information: Sale Price: Total Square Footage X PSF = 6,873.83 X $6.00 = $41,242.98. 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-g 071322