Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To construct two (2) two-family homes on vacant lots and demolish the existing structures to construct an apartment building containing up to twelve (12) residential units. Entity Name: Broadbelt CMGC, LLC Entity Address: 25 Clifton Avenue, Suite D2204, Newark, New Jersey 07104 Sale Amount: $67,375.00 Cost Basis: (X) $7.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $198,900.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within eighteen (18) 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) 20 9th Avenue/Block 1856/Lot 7/West Ward 338 Orange Street/Block 2848/Lot 6/Central Ward 13 Hecker Street/Block 2848/Lot 11/Central Ward 15 Hecker Street/Block 2848/Lot 12/Central Ward Additional Information: Total Price: Square Footage X PSF = 9,625 X $7.00 = $67,375.00 Sale at prices set forth by Ordinance 6S&Fh adopted April 7, 2004, establishing the minimum sale price of City-owned properties.