Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Develop a four-story, approximately twenty-four (24) unit mixed use apartment building with parking and ground level commercial retail space. Entity Name: Empire Risk Properties, LLC Entity Address: 49 16th Avenue, Newark, New Jersey 07103 Sale Amount: $85,687.00 Cost Basis: (X) $7.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $148,800.00 Appraised Amount: $0.00 Contract Period: To be commenced 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) 51 16th Avenue/Block 295/Lot 27/Central Ward 53 16th Avenue/Block 295/Lot 28/Central Ward 55 16th Avenue/Block 295/Lot 29/Central Ward 57 16th Avenue/Block 295/Lot 30/Central Ward 59 16th Avenue/Block 295/Lot 31/Central Ward Additional Information: Total Square Footage = 12,241. X $7.00 = $85,687.00 Sale at prices set forth by Ordinance 6S&Fh adopted on April 7, 2004, establishing the minimum sale price of City-owned properties