Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Demolish existing structure and adjoin to existing developer owned properties to create a new multi-unit building with on-site parking Entity Name: Nichols Street Apartments, LLC Entity Address: 625 Leesville Avenue, Rahway, New Jersey 07065 Sale Amount: $22,475.00 Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $178,300.00 Appraised Amount: $0.00 Contract Period: To be commenced within three (3) months and be completed within twelve (12) months following transfer of property ownership by the City 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) 103 Nichols Street/Block 959/Lot 45/East Ward Additional Information: Sale Price: Total Square Footage x PSF = 2,247.5 X $10.00 = $22,475.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.