Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop property into an affordable market-rate apartment building, with fifteen (15), two (2) bedroom-units. Entity Name: 503 South Orange Avenue, LLC Entity Address: 55 Morris Avenue, Suite 108, Springfield, New Jersey 07081 Sale Amount: $17,400.00 Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $182,700.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within twelve (12) months following transfer of property ownership by the City 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) 505 South Orange Avenue/Block 1791/Lot 25/West Ward Additional Information: Sale Price: Total Square Footage X PSF = 2,900 X $6.00 = $17,400.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties. The property is to be sold to the adjacent property owner to complete the site assembly for the project.