Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop the properties into eleven (11) residential two-family homes. Entity Name: Soul Town Property Investment Group, LLC Entity Address: Carteret, New Jersey 07008 Sale Amount: $128,713.20 Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $676,100.00 Appraised Amount: $0.00 Contract Period: To be commenced within three (3) months and be completed within twenty-four (24) 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) 95 Chadwick Avenue/Block 3000/Lot 7/South Ward 594-598 South Orange Avenue/Block 4003/Lot 5/West Ward 47-49 Whitney Street/Block 4003/Lot 6.01/West Ward 51-53 Whitney Street/Block 4003/Lot 6.02/West Ward 55-57 Whitney Street/Block 4003/Lot 6.03/West Ward 59-63 Whitney Street/Block 4003/Lot 6.04/West Ward Additional Information: Sale Price: Total Square Footage X PSF = 21,452.2 X $6.00 = $128,713.20. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.