Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Develop approximately 48 residential housing units, one mixed-use and one commercial property Entity Name: Newark Interfaith LLC Entity Address: One Gateway Center, Suite 2600, Newark, New Jersey 07102 Sale Amount: $548,233.28 Cost Basis: (X) $4.00-$10.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $1,099,100.00 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) 40-50 Kent Street/Block 2615/Lot 23/South Ward 379-381 Avon Avenue/Block 2632/Lot 22/South Ward 687-689 Clinton Avenue/Block 3008/Lot 1/South Ward 522-524 Hawthorne Avenue/Block 3067/Lot 1/South Ward 520 Hawthorne Avenue/Block 3067/Lot 3/South Ward 510-512 Hawthorne Avenue/Block 3067/Lot 7.01/South Ward 827-829 Bergen Street/Block 3590/Lot 33/South Ward 831-833 Bergen Street/Block 3590/Lot 35, 36/South Ward 835 Bergen Street/Block 3590/Lot 37/South Ward 837-839 Bergen Street/Block 3590/Lot 38, 39/South Ward 841-843 Bergen Street/Block 3590/Lot 40.01/South Ward 845 Bergen Street/Block 3590/Lot 40.02/South Ward 12-16 Wolcott Terrace/Block 3617/Lot 15, 16/South Ward 10 Wolcott Terrace/Block 3617/Lot 26/South Ward 22-26 Wolcott Terrace/Block 3618/Lot 11/South Ward 24 Patten Place/Block 3618/Lot 10/South Ward Additional Information: Square Feet 29,598.07 X $4.00 = $118,392.28 Square Feet 42,984.10 X $10.00 = $429,841.00 Total Sales Price: $548,233.28 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned Property