Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To construct twenty-one (21) one-family townhome villas consisting of at least sixty-nine (69) bedroom units. Entity Name: Beacon Development Partners, LLC Entity Address: Newark, New Jersey 07103 Sale Amount: $142,717.26 $142,555.62 Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $239,500.00 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) 375-377 South 20th Street/Block 1789/Lot 11/West Ward 16-18 Ferdinand Street/Block 1789/Lot 49/West Ward 8-14 Ferdinand Street/Block 1789/Lot 51/West Ward 376 Grove Street/Block 1789/Lot 55/West Ward Additional Information: Sale Price: Total Square Footage X PSF = 23,786.21 23,759.27 X $6.00 = $142,717.26 $142,555.62. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.