Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Redevelopment on contiguous land consisting of approximately 105 residential units with ground floor retail space and a community dog park on the neighboring lot. Entity Name: Gomes and Gomes Development, LLC Entity Address: 91 Kossuth Street, Newark, New Jersey 07105 Sale Amount: $87,187.32 Cost Basis: ( X ) $10.00-$28.00 PSF ( x ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $306,100.00 Appraised Amount: N/A Contract Period: Construction to commence within fourteen (14) months of receipt of construction permits and be completed within 24 months from commencement of construction 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) 254 Orange Street/Block 2853/Lot 32/Central Ward 253-257 Orange Street/Block/2862/Lot 20/Central Ward Additional Information: Total Sale Price: Square Footage x PSF 254 Orange Street: 2,294.19 x $28.00 = $64,237.32 253-257 Orange Street: 2,295 x $10.00 = $22,950.00 Sale at prices set forth by Ordinance 6S&Fh, adopted April 7, 2004, establishing the minimum sale price of City-owned Property.