Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To construct one (1) two-family home and a ten (10) unit residential building with a commercial store front. Entity Name: Southward Properties, LLC Entity Address: 290 Ferry Street, Newark, New Jersey 07105 Sale Amount: $43,530.00 Cost Basis: (X) $ 6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $155,300.00 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) 267 Sherman Avenue/Block 2761/Lot 33/South Ward 34 Elizabeth Avenue/Block 2801/Lot 7/South Ward 36 Elizabeth Avenue/Block 2801/Lot 5/South Ward Additional Information: Sale Price: Total Square Footage X PSF = 7,255 X $6.00 = $43,530.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.