Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop a four-story, approximately twenty-four (24) unit apartment building with parking. Entity Name: Faro Development, LLC Entity Address: Five Greentree Centre, Suite 104, 525 Route 73 North, Suite 104, Marlton, New Jersey 08053 Sale Amount: $88,158.07 Cost Basis: (X) $7.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $175,200.00 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) 64 14th Avenue/Block 246/Lot 5/Central Ward 295-297 Morris Avenue/Block 246/Lot 7/Central Ward 299 Morris Avenue/Block 246/Lot 8/Central Ward 301 Morris Avenue/Block 246/Lot 9/Central Ward 303 Morris Avenue/Block 246/Lot 10/Central Ward Additional Information: Total Sale Price: Total Square Footage x PSF = 12,594.01 X $7.00 = $88,158.07 Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.