Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To provide Property Rehabilitation with affordable housing units. Entity Name: Gateway Property Development, LLC Entity Address: 411 South 14th Street, Newark, New Jersey 07103 Sale Amount: $19,500.00 Cost Basis: (X) $4.00/$6.00 PSF ( ) Negotiated ( ) N/A ( ) Other Assessed Amount: $152,200.00 Appraised Amount: $0.00 Contract Period: To be commenced within three (3) months and be completed within twelve (12) 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) 457 South 19th Street/Block 323/Lot 34/West Ward 85 Whitney Street/Block 4003/Lot 27/West Ward Additional Information: Sale Price: Total Square Footage X PSF = (2,400 X $4.00 = $9,600.00) + (1,650 X $6.00 = $9,900.00) = $19,500.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.