Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To develop one (1) two-family, and two (2) three-family residential homes. Entity Name: Commercial Funding Group LLC Entity Address: 741 Clinton Avenue, Newark, New Jersey 07108 Sale Amount: $70,072.56 Cost Basis: (X) $6.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $67,400.00 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 List of Property: (Address/Block/Lot/Ward) 88-90 Milford Ave/Block 2672/Lot 34/South Ward 92 Milford Ave/Block 2672/Lot 35/South Ward 94 Milford Ave /Block 2672/Lot 31/South Ward Additional Information: Total Sale Price: Square Footage x PSF = 11,678.76 X $6.00 = $70,072.56 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.