Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To rehabilitate the property to create affordable rental or for-sale housing. Entity Name: Black Congress Enterprises, LLC Entity Address: 205 Custer Avenue, Newark, New Jersey 07112 Sale Amount: $40,000.00 Cost Basis: (X ) $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $130,800.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within twelve (12) months from the 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) 193-195 Custer Avenue/Block 3603/Lot 58/South Ward Additional Information: Sale Price: Total Square Footage x PSF = 4,000 X $10.00 = $40,000.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.