Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop properties into three (3) multi-family homes. Entity Name: Road to Prosperity, LLC Entity Address: 511 South Orange Avenue, Newark, New Jersey 07103 Sale Amount: $67,455.00 Cost Basis: (X) $6.00 and $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $258,200.00 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) 175 Dickerson Street/Block 1875/Lot 42/West Ward 562 Sanford Avenue/Block 4109/Lot 19/West Ward 823-825 South 17th Street/Block 2644/Lot 18/South Ward Additional Information: Total Price: Square Footage X PSF = 5,010 X $10.00 = $50,100.00 and 2,892.5 X $6.00 = $17,355.00 ($67,455.00). Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.