Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop a thirty-two (32) unit residential apartment building as affordable and market rate rental units with garage parking and ground-level retail. Entity Name: Tactical Development Group, LLC Entity Address: 33-35 Freeman Street, Unit D1, Newark, New Jersey 07105 Sale Amount: $46,040.00 Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $310,500.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within twenty-four (24) months following the 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) 256-262 Lyons Avenue/Block 3715/Lot 9 and 10/South Ward Additional Information: Sale Price: Total Square Footage x PSF = 11,510 X $4.00 = $46,040.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.