Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop property into a metal art studio for personal business purposes. Entity Name: Galo Castellanos Entity Address: 45 Sherman Avenue, East Newark, New Jersey 07029 Sale Amount: $30,240.00 Cost Basis: (X) $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $81,400.00 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) 686-688 Bergen Street/Block 2688/Lot 48/South Ward Additional Information: Galo Castellanos is the adjoining property owner at 684 Bergen Street, and is looking to acquire this property to create a metal art studio and move his business to Newark where he resides. Sale Price: Total Square Footage X PSF = 3,780 X 8.00 = $30,240.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.