Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To combine the property with 186-194 Thomas Street to develop a forty (40) unit apartment building. Entity Name: JEFFDOWNING, LLC Entity Address: 300 Wilson Avenue, Newark, New Jersey 07105 Sale Amount: $12,599.16 Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $24,000.00 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) 184 Thomas Street/Block 1164/Lot 10/East Ward Additional Information: Total Purchase Price: Square Footage X PSF = 2,099.86 X $6.00 = $12,599.16 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.