Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To construct a new three-family home at 262-264 S.10th Street, for use as rental housing and rehabilitate 260 S. 10th Street into a three-family home, with one (1) unit being owner-occupied and two (2) units being offered as residential rental units. Entity Name: Calloway Ventures, LLC Entity Address: East Orange, New Jersey 07017 Sale Amount: $51,000.00 Cost Basis: (X) $6.00 and $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $165,000.00 (Block 1797, Lot 51.03); $27,500.00 (Block 1797, Lot 51.02) for a total combined assessment of $192,500.00 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) 260 South 10th Street/Block 1797/Lot 51.03/West Ward 262-264 South 10th Street/Block 1797/Lot 51.02/West Ward Additional Information: Sale Price: Total Square Footage X PSF = 3,000 X $10.00 and 3500 X $6.00 = $51,000.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.