Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To construct a six (6) story, fifty (50) residential unit senior citizen building with eighteen (18) parking spaces. Entity Name: Jelliff Senior Estates Urban Renewal, LLP Entity Address: 71 Lake Avenue, Colonia, New Jersey 07067 Sale Amount: $100,881.00 Cost Basis: (X ) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $193,000.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within twenty-four (24) months from the transfer of 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) 220-224 Jelliff Avenue/Block 2681/Lot 34/South Ward 226-230 Jelliff Avenue/Block 2681/Lots 31, 32/South Ward Additional Information: Sale Price: Total Square Footage x PSF = (8,938.50 X $6.00 = $53,631.00) + (7,875 X $6.00 = $47,250.00) = $100,881.00 Sale at prices set forth by Ordinance 6S&Fh, adopted April 7, 2004, establishing the minimum sale price of City-owned properties.