Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To build eight (8) new market rate rental units. Entity Name: The Mid Atlantic Investment Alliance, LLC Entity Address: 11 Florence Place, West Orange, New Jersey 07052 Sale Amount: $31,061.10 Cost Basis: (X) $7.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $113,300.00 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) 347 West Market Street/Block 1841/Lot 15/Central Ward 349 West Market Street/Block 1841/Lot 16/Central Ward Additional Information: Sale Price: Total Square Footage x PSF = (1,992 X $7.00 = $13,944.00) + (2,445.3 X $7.00 = $17,117.10) = $31,061.10 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.