Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To rehabilitate the existing dilapidated structures to create for sale housing. Entity Name: Inner City Development Group, LLC Entity Address: 216 Goldsmith Avenue, Newark, New Jersey 07112 Sale Amount: $55,080.00 Cost Basis: (X) $5.00 / $8.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $199,700.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within twelve (12) 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) 146-148 Fabyan Place /Block 3083/Lot 19/South Ward 150-152 Fabyan Place /Block 3083/Lot 20/South Ward Additional Information: Sale Price: Total Square Footage X PSF = (5,000 X $5.00 = $25,000.00) + (3,760 X $8.00 = $30,080.00) = $55,080.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.