Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop a seventy-five (75) unit luxury market rate rental property, with fifteen (15) units set aside for affordable housing and street level parking. Entity Name: DLAM Community Development, LLC Entity Address: 177 South 7th Street, Newark, New Jersey 07103 Sale Amount: $139,120.92 Cost Basis: (X ) $12.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $253,000.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within twenty-four (24) months from the transfer of 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) 158-164 Chancellor Avenue/Block 3703/Lot 16/South Ward Additional Information: Sale Price: Total Square Footage X PSF = 11593.41 X $12.00 = $139,120.92 Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.