Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To rehabilitate the property as affordable rental housing. Entity Name: Jay & R Associates, LLC Entity Address: 55 Tillinghast Street, Newark, New Jersey 07108 Sale Amount: $75,000.00 Cost Basis: (X) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $372,300.00 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) 402-404 Chadwick Avenue/Block 3593/Lot 5/South Ward 406 Chadwick Avenue/Block 3593/Lot 4/South Ward Additional Information: Sale Price: Total Square Footage x Price PSF = 7,500 X $10.00 = $75,000.00. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.