Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To merge properties to construct two (2), two-family homes to serve as rental housing. Entity Name: CDN Development, LLC Entity Address: 290 Ferry Street, Newark, New Jersey 07105 Sale Amount: $34,740.00 Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $98,600.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within twelve (12) 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) 115 Sherman Avenue/Block 2800/Lot 15/South Ward 117 Sherman Avenue/Block 2800/Lot 17/South Ward Additional Information: Sale Price: Total Square Footage X PSF = 5,790 X $6.00 = $34,740.00. 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-e 120121