Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop two (2) new multi-family homes. Entity Name: J&J Property Group, LLC Entity Address: Hillside, New Jersey 07205 Sale Amount: $30,600.00 Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $131,900.00 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) 320 South 7th Street/Block 279/Lot 34/Central Ward 112 South 13th Street/Block 1859/Lot 58/West Ward Additional Information: Sale Price: Total Square Footage X PSF = 5,100.0 X $6.00 = $30,600.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties Failed 7R2-b (s) 041222 Deferred 7R2-b 042022 Deferred 7R2-b 050422