Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To redevelop and new construction of a two (2) story mixed use building with three (3) ground-level commercial units, three (3) residential units and one (1) second-story office unit. Entity Name: Cesar Espinal Entity Address: 554 Central Avenue, Newark, New Jersey 07107 Sale Amount: $7,500.00 Cost Basis: (X ) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $120,000.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within twenty-four (24) 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) 111 South 10th Street/Block 1857/Lot 63/West Ward Additional Information: Sale Price: Total Square Footage X PSF = 1,250 X $6.00 = $7,500.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.