Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To construct one (1) three-family and two (2) two-family residential homes. Entity Name: Fresh Tone Homes, LLC Entity Address: 34 Chestnut Road, Verona, New Jersey 07044 Sale Amount: $58,254.00 Cost Basis: (X) $7.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $46,300.00 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) 102-104 4th Street/Block 1886/Lot 29/West Ward 106 4th Street/Block 1886/Lot 28/West Ward Additional Information: Sale Price (Total Square Footage X Price PSF) = 8,322 X $7.00 = $58,254.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.