Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To combine city-owned property with adjacent redeveloper-owned properties to create thirty-five (35) residential units and four (4) ground floor commercial spaces. Entity Name: Central Ave Residence, LLC Entity Address: Newark, New Jersey 07107 Sale Amount: $19,219.20 Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $34,000.00 Appraised Amount: $0.0 Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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) 46 1st Street/Block 1846/Lot 16/Central Ward Additional Information: Total Price: Square Footage X PSF = 2,402.4 X $8.00 = $19,219.20. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.