Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To rehabilitate the existing structures and construct two (2) two (2) family residential homes on the vacant lot to create affordable rental or For-Sale housing. Entity Name: Columbia Ave Transitions, LLC Entity Address: 769 South 20th Street, Newark, New Jersey 07103 Sale Amount: $85,100.00 Cost Basis: (X) $6.00 - $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $224,400.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within eighteen (18) months following 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) 77-79 Columbia Avenue/Block 4034/Lots 53, 54/West Ward 154 Columbia Avenue/Block 4032/Lot 42/West Ward 69 Sunset Avenue/Block 4061/Lot 111/West Ward Additional Information: Vacant Land (77-79 Columbia Ave) = 5,000 square feet X $6.00 = $30,000.00 Structures = 5,510 square feet X $10.00 = $55,100.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.