Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To construct a mixed-use development consisting of one (1) storefront commercial unit and twenty (20) residential units. Entity Name: S.A.T. Urban Renewal Entity, LLC Entity Address: 156 Elizabeth Avenue, Newark, New Jersey 07108 Sale Amount: $55,300.00 Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $114,400.00 Appraised Amount: $0.00 Contract Period: To be commenced within three (3) months and be completed within twenty four (24) 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) 144 Elizabeth Avenue/Block 2776/Lot 8/South Ward 142 Elizabeth Avenue/Block 2776/Lot 9/South Ward Additional Information: Sale Price: (Total Square Footage x Price PSF) = 5,530 X $10.00 = $55,300.00 Sale at prices set forth by Ordinance 6S&Fh, adopted April 7, 2004, establishing the minimum sale price of City-owned properties.