Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To redevelop three (3) existing properties into three (3) two-family residential homes to create affordable rental or for-sale housing. Entity Name: SAJ Development, LLC Entity Address: 70 South Munn Avenue, Suite 1104, East Orange, New Jersey 07018 Sale Amount: $74,620.00 Cost Basis: (X) $6.00 - $10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $289,500.00 Appraised Amount: $0.00 Contract Period: To commence within three (3) months and be completed within twelve (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) 389 Lyons Avenue/Block 3070/Lot 26/South Ward 855 S 14th Street/Block 3010/Lot 24/South Ward 97 Willoughby Street/Block 3054/Lot 28/South Ward Additional Information: Address Block Lot Size Sq. Feet Vacant Land (Yes/No) 389 Lyons Avenue 3070 26 33.4X100 3,340. No 855 S 14th Street 3010 24 27.6X95 2,622. No 97 Willoughby Street 3054 28 25X100 2,500. Yes Total Sale Price: Square Feet x PSF Properties with Structures = 5,962 square feet X $10.00 = $59,620.00 Vacant Land = 2,500 square feet X $6.00 = $15,000.00 Total Purchase Price: $74,620.00 Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.