Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To construct a fifty (50) unit multi-function residential complex and a six (6) unit permanent housing building for market rate rental housing. Entity Name: Headway, LLC Entity Address: 127 Delacy Avenue, North Plainfield, New Jersey 07060 Sale Amount: $159,200.00 Cost Basis: (X) $12.00/$7.00 PSF ( ) Negotiated ( ) N/A ( ) Other Assessed Amount: $258,100.00 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) 398-406 Chancellor Avenue/Block 3735/Lot 1/South Ward 556-558 Sandford Avenue/Block 4109/Lots 16 and 17/West Ward Additional Information: Sale Price: Total Square Footage X PSF = (10,000 X $12.00 = $120,000.00) + (5,600 X $7.00 = $39,200.00) = $159,200.00 Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.