Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To rehabilitate the existing structures and construct two (2) two-family residential homes on the vacant lots to create affordable rental or for-sale housing. Entity Name: Washington Bay Group 1, LLC Entity Address: 811 Clinton Avenue, Newark, New Jersey 07108 Sale Amount: $109,400.00 Cost Basis: (X) $6.00 - $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $453,500.00 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 (Address/Block/Lot/Ward) 823 S 18th Street/Block 2643/Lot 15/South Ward 825 S 18th Street/Block 2643/Lot 16/South Ward 918 S 18th Street/Block 3013/Lot 67/South Ward 865 S 18th Street/Block 3014/Lot 13/South Ward 923 S 18th Street/Block 3017/Lot 12/South Ward Additional Information: Structures = 7,940 square feet X $10.00 = $79,400.00 Vacant Land = 5,000 square feet X $6.00 = $30,000.00 Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.