Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop five (5) multi-family homes in the West Ward. Entity Name: Lilac Development Group, LLC Entity Address: 18-20 Bloomfield Avenue, Belleville, New Jersey 07109 Sale Amount: $116,970.00 Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $94,000.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within eighteen (18) 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) 545 Sanford Avenue/Block 4120/Lot 21/West Ward 116 Stuyvesant Avenue/Block 4067/Lot 15/West Ward 140 Abinger Place/Black 4111/Lot 36/West Ward 51-53 Underwood Street/Block 4077/Lot 17/West Ward 368-370 Sanford Avenue/Block 4198/Lot 93/West Ward Additional Information: Total Price: Square Footage X PSF = 19,495 X $6.00 = $116,970.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.