Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To rehabilitate the property at 35-37 Highland Avenue for rental housing and merge the property at 37 3rd Street with owner’s adjacent lot to build a multi-family home for rent. Entity Name: 131-133 Highland Avenue, LLC Entity Address: 238 South 11th Street, Newark, New Jersey 07107 Sale Amount: $35,186.08 Cost Basis: (X) $8.00/$6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $221,600.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within twenty-four (24) months following 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) 35-37 Highland Avenue/Block 507/Lot 54/North Ward 37 3rd Street/Block 1878/Lot 27/Central Ward Additional Information: Sale Price: Total Square Footage X PSF = (3200 X $8.00 = $25,600) + (1597.68 X $6.00 = $9,588.08) = $35,186.08. Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.