Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To construct or develop properties into six (6) three-family residential homes. Entity Name: 512-520 South 19th Street Associates, LLC Entity Address: 51 Lake Street, Newark, New Jersey 07104 Sale Amount: $90,654.00 Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $174,800.00 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) 512-520 South 19th Street/Block 336/Lot 1/West Ward 522 South 19th Street/Block 336/Lot 49/West Ward Additional Information: Sale Price: Total Square Footage X PSF = 15,109 X $6.00 = $90,654.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties. No Action Taken 7R2-h (s) 081721